Bank Account Verification

Bank Account Verification


Introduction to AVS – Bank account Verification


The Real-Time – Account (Holder) Verification Service (AVS-R) is a function catering for the verification of the match of the identification number and bank account number of an individual or a business with the account details stored within the bank’s database. Currently, the central South African Banks provide this service, in one form or another, to their respective clients. pbVerify provides a platform which allows for the verification of accounts across all participating banks, in a uniform process.

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Why AVS?

The primary business requirement for the account verification mechanism is twofold. Firstly, businesses making payments into numerous bank accounts need to verify that the account to be credited belongs to the intended beneficiary. Secondly, institutions that are mandated to process debit order collections against the accounts of their customers have a need to verify, prior to submitting the debit order instruction, that the debtor is indeed the owner of the account to be debited. The aim is to ensure the integrity of the current creditor/debtor database, as well as the accuracy of any future amendments and additions to it, in an effort to mitigate fraud.

The data verified will show:

  • That the account exists at the institution
  • That the individual (or business) is the rightful owner of the bank account. This is done through the verification of an identity number (or company registration number) against the bank account number supplied
  • That the bank account in question is presently open and active
  • The bank account in question accepts debit and credit transactions
  • That the bank account in question has been in existence for a period exceeding 90 (ninety) days
  • The supplied contact email is the same as that hosted at the bank
  • The supplied contact cell phone is the same as that hosted at the bank

Available Banks:

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Access Bank
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ubank
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GroBank
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Mercantile Bank
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ubank

Web Services


  • Customer will submit an individual account verification request to pbVerify via a Web Services call. This request will be for the verification of account holder details to account held at any of the multiple South African banks, which participate in this service.

  • pbVerify will transmit the verification request to the respective banks for processing, identifying the issuing bank by the branch code accompanying each verification request.

  • The issuing bank will process the verification request and provide positive or negative responses on the fields queried.

  • Once processed, the verification result will be sent to PbVerify by the issuing banks. PbVerify will arrange the data into the format originally received and return the response to Customer via Web Services.


AVS Benefits


Following is a summary of benefits to Customer through the use of the AVS process:

  • Ability to detect possible fraud on a pro-active basis
  • A means to mitigate risks associated with fraud, both financial and reputational
  • Shorten the time required to vet new business
  • Reduce costs by automating a process that is currently mostly manual
  • Enhance the integrity of data stored
  • Reduce the risk of unpaid transactions
  • Reduce query administration
  • Aid in ensuring legislative compliance


Business and Consumer Bank account verification


Our Bank Account Verification Services allows you to efficiently verify the bank details of a consumer or business and determine the status of the account – whether the account is currently active, open or closed and whether it has been open for more than three months.

Bank account verification is a standard feature within the pbVerify system to easily verify whether the bank account details of a consumer or business is legitimate and active. This service is also available to third-party integrators via an API.

This is of great value to credit providers and other businesses that require a means of verifying the validity of a consumer or business' bank account before making a pay-out, granting credit or activating debit orders.

Need this as an integrated service on your web-form or application layer?
No problem, we also offer full integration with any web service or software system via our
XML SOAP API.


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More leaders using pbVerify 



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Related Articles:


pbVerify launches Bank Account Verification

Business and Consumer Bank account verification

Our Bank Account Verification Services allows you to efficiently verify the bank details of a consumer or business and determine the status of the account – whether the account is currently active, open or closed and whether it has been open for more than three months.

Bank account verification is a standard feature within the pbVerify system to easily verify whether the bank account details of a consumer or business is legitimate and active. This service is also available to third-party integrators via an API.


Open Full Article

Related Articles:


pbVerify launches Bank Account Verification

Business and Consumer Bank account verification

Our Bank Account Verification Services allows you to efficiently verify the bank details of a consumer or business and determine the status of the account – whether the account is currently active, open or closed and whether it has been open for more than three months.

Bank account verification is a standard feature within the pbVerify system to easily verify whether the bank account details of a consumer or business is legitimate and active. This service is also available to third-party integrators via an API.


Open Full Article

Please contact us via the channels listed below for further information on how to access this API, as well as our many other verification services.

Contact Sales