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.
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.
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:
- Has been issued by a reliable and independent source
- 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
- 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.
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