Shufti Launches Bank Account Verification, Bringing Account Ownership and Identity Verification Onto a Single Compliance Platform

London, United Kingdom, 10 September 2026 – Shufti, the Glocal identity verification and full compliance lifecycle provider, has launched Bank Account Verification, a capability that enables businesses to verify that a bank account exists, is active, and belongs to the individual or business claiming it before money moves.

Verifying a customer’s identity does not establish ownership of the account used for payouts, withdrawals, refunds, or direct debits. Most off-the-shelf providers verify the individual at onboarding and do not offer a check on the account that receives the funds. So businesses source account verification from a second vendor and reconcile two sets of records when a payment is questioned.

For many businesses, account ownership is still confirmed through manual bank-statement reviews, analyst callbacks, or penny-drop processes, adding operational cost and delays to account setup.

Shufti now runs both checks within the same verification decision. It matches the verified identity against the account holder name the bank holds, through one API, with no statement to review and no call to make. Each check leaves an auditable record alongside the identity result.

Regulation Is Making Bank Account Verification A Payment Control

Regulators now require payee and account verification before payment across major payment markets, with rules varying by jurisdiction. 

In the UK, Specific Direction 17 extended Confirmation of Payee (CoP) to more payment service providers by 31 October 2024, expected to cover nearly all Faster Payments and CHAPS transactions.

In the EU, the Instant Payments Regulation has required euro-area providers to offer Verification of Payee on euro credit transfers, instant and non-instant, since 9 October 2025. Providers in non-euro member states follow by 9 July 2027.

In the US, Nacha has required originators of internet-initiated ACH debits to validate an account before first use and before a change of account number, since 19 March 2021. The UK and EU rules apply to payment service providers. The Nacha rule applies to the business originating the ACH debit.

For businesses moving money, validating the destination account before payment helps reduce ownership risk and payment errors. Shufti handles country-specific checks within the same capability, without requiring businesses to build separate checks for each market.

One API, Six Verification Outcomes

Shufti Bank Account Verification operates through a single server-to-server API and returns one of six response types. It includes: 

• Full Name Return, the account holder name held by the bank, for matching against the verified identity.
• Masked Name Return, a partially obscured name where full disclosure is restricted.
• Match Status, a pass or fail result returned without the account holder name leaving the bank. 
• Account Existence Check, confirmation that an account is active and able to receive funds.
• IBAN Validation, country-specific structural validation of the IBAN.
• IBAN Checksum Verification, check-digit validation that identifies transcription errors.

Businesses submit account details and receive the result in seconds, with no bank login, no redirect, and no step for the end user.

Shufti runs checks in more than 70 countries and returns a response based on the market and its permitted data-sharing model. So a business operating across several corridors receives different evidence from each. For instance, in Finland and Indonesia, it returns the full account holder name, while in Australia the bank performs the comparison and only a match result comes back.

In roughly 21 markets, where live bank checks are unavailable, Shufti runs IBAN structure and checksum verification, helping catch mistyped account numbers before payment rather than returning no result.

Account Ownership At The Point Of Risk

Account verification is not limited to the initial payment setup. The capability also runs whenever a customer adds a bank account or changes one. At account linking, Shufti matches the applicant’s verified identity against the account holder name the bank holds, before the business enables payments on the account.

When someone edits payout or withdrawal details, Shufti can require the customer to re-authenticate with a biometric check, with liveness tested to iBeta Level 3 conformance under ISO/IEC 30107-3. This helps address account takeover scenarios that an onboarding check cannot detect because the account was genuine when it was opened and compromised later.

One Platform, One Evidence Trail

Each check is saved to the same case record as the identity result. The record shows which account was verified, which method was used, and when.

Confirm Your Corridors Before The Next Payout Run

Shufti Bank Account Verification is available now in more than 70 countries across Europe, the US, APAC, LATAM, the Middle East, and Africa, with coverage and response types varying by corridor. 

Contact the Shufti team to check coverage and the applicable response type for required markets, or explore the Shufti Bank Account Verification for more details at: https://shuftipro.com/bank-account-verification/

About Shufti

Shufti is the Glocal identity verification and full compliance lifecycle provider, serving more than 2,000 businesses across banking, fintech, payments, crypto, forex, and marketplaces. It covers identity verification, business verification, bank account verification, transaction trust monitoring,  AML screening, authentication, and ongoing monitoring across 240+ countries and territories. Shufti maintains SOC 2 Type II attestation and PCI DSS compliance, with iBeta Level 3 PAD conformance for biometric liveness detection. It ranks first on G2 for identity verification and AML, with more than 40 badges across global and regional markets.

Media Contact
Aroosa Virk
Brand and Communications Manager
Shufti
[email protected]