What are the Bank Verification Requirements?

What is bank account verification

Before you can process payments, pay out funds, and offer financial products, Adyen is required to verify the bank accounts of users on your platform. 

During bank account verification, Adyen verifies that the bank account provided by the account holder exists and that the account holder owns it. If automatic verification of a bank account fails, we may request a document for proof of ownership of the bank account.

Bank account verification is one of the Know Your Customer (KYC) checks.

How we verify bank accounts

We verify bank accounts automatically with instant bank verification using our providers  or through manual review.

Automatic verification

Instant bank verification requires the account holder to verify their bank account through their online banking environment or banking app. 

This service can be used to verify personal bank accounts and business accounts quickly. It allows us to confirm the ownership of a bank account, account holder name, and the IBAN in minutes.

For questions regarding using Instant Bank Verification , please reach out to Support. 

Note: Instant bank verification is only available in Adyen’s Hosted Onboarding.

Manual review

For manual bank account verification, the account holder needs to upload a bank document that verifies the ownership of the payout account. 

In a manual review we assess if the document:

  1. Has been issued by a reliable and independent source
  2. Verifies all required data points 

Documents we accept:

  • Bank statements
  • Deposit tickets, deposit forms, or account agreements that are signed or stamped by the bank
  • Screenshots of the online banking environment
  • Letters from the bank
  • Cheques
  • Relevé d'Identité Bancaire (RIB) for French accounts

Documents we don’t accept:

  • Documents with sensitive information, such as photos of bank-issued cards
  • Emails that contain letters not issued by a reliable source 
  • Edited or personalized documents
  • Documents issued or signed more than 12 months ago

The bank document uploaded for verification has to contain the following:

  • The account holder name
    This must match the legal name provided
  • The bank name and/or the logo of the RIS
  • The account number or IBAN
  • A date of issuance that is less than 12 months before verification unless the document is a RIB or cheque.

Receiving an error code related to 1_7x

Error codes starting with 1_7 reference issues with the bank account verification. Below is a list of common sub-error codes and possible remediating actions. 

Common error codes

Possible actions


1_7012 “The bank account owner name appearing in the document does not match the verified legal name

  1. Check whether the account holder name on the document matches with the legal name that is shown in the input data 
  2. Is the customer married? Please provide a marriage certificate, so that we can verify the last name.

1_7011 ”The bank account number didn't match the one on the bank document”

  1. Check if the digits of the account number on the document match the input data
  2. Check if all the digits visible on the document are in the input data.

1_7014 “The bank document wasn't a supported document type”

  1. Make sure the document uploaded is one of the supported document types

1_7018 “The bank document does not meet the requirements”

  1. Make sure the account holder name, the account number, the bank logo, and the date of issuance are visible on the document 
  2. Check if the details are legible 
  3. Check if the document is not damaged or cut off.

You can sign up to our Release feature page to stay up on all changes in Platforms integrations and financial products.

 

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