Account Verification

monoova offers an api to verify access to a bank account, or verify the name associated with a payid, which has several compliance and risk mitigation applications there are two versions of the initiate endpoint; , which sends a $0 01 payment via direct credit to the target bank account, and v2, which sends a $0 01 payment via the npp to a bank account or payid the account verification api will credit a target bank account with a secret code in the remitter name this code can only be viewed by someone who has access to the target bank account by accessing and viewing their bank statement the code can then be submitted against our records, and if it matches, monoova will persist a verification token against that specific account initiate a verification transaction to the target bank account monoova will credit the target bank account with a 1c amount and a secret remitter code (may take up to 48 hours for the code to show on the target bank account) below is an example of how this transaction appears on a bank statement in yellow is the code your client will need to return, in blue is your remitter name for npp verification transactions, the secret code can also be found in the lodgement reference the owner of the target bank account views the statement to obtain the secret code submit the secret code to monoova via the initiate de verification transaction docid\ cp8oasrqrlnykgnlzubjp endpoint in the sandbox, use code "555555" to test successful validation of an account verification we recommend implementing a ui in your application to allow users to enter the code and directly call the validate endpoint if the submitted code and amount are correct, the target bank account is designated as verified note that after 3 incorrect attempts the token is locked for 1 hour users can retry with same token after 1 hour or initiate a new verification any time if the nppcreditpayid method is used, the api response will include the payid name in the ownername field, which can be used to verify the payid is correct you can use the payid name for verification instead of a code, reducing friction for your customer verifying a bsb you can also verify the bsb independently from the above process by calling validate a bsb docid\ aac4pulwiqmeeeoomhlvb this queries our bsb lookup table to confirm the bsb exists