Penny Drop

Introduction

The Penny Drop API allows businesses to instantly verify bank account details by transferring a small amount (₹1 or more) and fetching the account holder’s name directly from the bank. This ensures that the account exists, is active, and belongs to the intended beneficiary before any large transaction is processed. By validating details upfront, it helps prevent failed payouts, reduces reconciliation efforts, and eliminates delays caused by incorrect account numbers or IFSC codes. The API is widely used in customer onboarding, vendor payouts, loan disbursements, and refunds, where accuracy and speed are critical. It not only improves customer trust and experience but also lowers operational costs and financial risks for businesses

API details

Endpoint

POST https://api.signzy.app/api/v3/bankaccountverification/pennydrop-v1

POST  https://api-preproduction.signzy.app/api/v3/bankaccountverification/pennydrop-v1

Request headers

Name	Value	Required	Description
Content-Type	application/json	Mandatory	The type of content that the request body contains.
Authorization	XXXXXXXXXXXXXXX	Mandatory	An authentication token to authorize the request. Reach out to the Signzy support team to get one created.

Request body parameters

Parameter	Data Type	Description	Required
beneficiaryAccount	String	The account number of the beneficiary.	Mandatory
beneficiaryIFSC	String	The IFSC code of the beneficiary's bank.	Mandatory
beneficiaryMobile	String	The mobile number of the beneficiary.	Optional
beneficiaryName	String	The name of the beneficiary.	Optional
nameMatchScore	String	It's a threshold value for name matching. If the API's name match score exceeds this, it returns "yes," otherwise "no."	Optional
nameFuzzy	String	Indicates whether a fuzzy match is performed for a name match.	Optional

{
    "beneficiaryAccount": "<Account Number>",
    "beneficiaryIFSC": "<IFSC code>",
    "beneficiaryMobile": "",
    "beneficiaryName": "John Doe",
    "nameFuzzy": "true",
    "nameMatchScore": "0.9"
}

Code samples

curl --location 'https://api-preproduction.signzy.app/api/v3/bankaccountverification/pennydrop-v1' \
--header 'accept: /' \
--header 'accept-language: en-US,en;q=0.8' \
--header 'authorization;' \
--header 'content-type: application/json' \
--data '{
  "beneficiaryAccount": "00000020******",
    "beneficiaryIFSC": "SBIN0000***",
    "beneficiaryMobile": "",
    "beneficiaryName": "John",
    "nameFuzzy": "true",
    "nameMatchScore": "0.9"
}'

Response body parameters

Parameter	Data Type	Description
result	Object	Contains the result of the API.
result.active	String	Indicates if the bank account is active. Possible values are: yes or no.
result.reason	String	Indicates whether the transaction was successful or not. The possible values are: success, Invalid account number or IFSC provided.
result.nameMatch	String	Contains the result of name match. The possible values are: yes, no.
result.mobileMatch	String	Contains the result of mobile number match.
result.signzyReferenceId	String	Unique reference ID generated by Signzy for the transaction.
result.auditTrail	Object	Contains the Audit trail details.
result.auditTrail.nature	String	The nature of the audit trail. In this case, it is the Bank Reference Response Number (RRN).
result.auditTrail.value	String	The value of the audit trail. In this case, it is the Bank Reference Response Number (RRN) for the transaction.
result.auditTrail.timestamp	String	The timestamp for the audit trail entry.
result.nameMatchScore	String	The match score of the beneficiary's name with the name associated with the bank account in the range 0 to 1.
result.bankTransfer.response	String	The response from the bank for the transaction.
result.bankTransfer.bankRRN	String	The Bank Reference Response Number (RRN) for the transaction.
result.bankTransfer.beneName	String	The name of the beneficiary associated with the bank account.
result.bankTransfer.beneMMID	String	The Mobile Money Identifier (MMID) of the beneficiary associated with the bank account.
result.bankTransfer.beneMobile	String	Mobile number of the beneficiary.
result.bankTransfer.beneIFSC	String	IFSC code of the beneficiary's bank.

# Successful account verification and IFSC fetch
{
  "result": {
    "active": "XXX",
    "reason": "XXX",
    "nameMatch": "XXX",
    "mobileMatch": "XXX",
    "signzyReferenceId": "XXXXXXXXXXXXXXXXXXXXXXXXXXXX",
    "auditTrail": {
      "nature": "XXX",
      "value": "XXXXXXXXXXXX",
      "timestamp": "XXXXXXXXXXXXXXXXX"
    },
    "ifscCodeData": {
      "status": "XXX",
      "bankName": "XXX",
      "address": "XXX",
      "state": "XXX",
      "district": "XXX",
      "branch": "XXX",
      "contact": "XXX",
      "ifscCode": "XXXXXXXXXX",
      "micrCode": "XXXXXXXXXX"
    },
    "nameMatchScore": "XXX",
    "bankTransfer": {
      "response": "XXX",
      "bankRRN": "XXXXXXXXXXXX",
      "beneName": "XXX",
      "beneMMID": "XXX",
      "beneMobile": "XXX",
      "beneIFSC": "XXXXXXXXXX"
    }
  }
}

# Successful account verification with failed IFSC
{
  "result": {
    "active": "yes",
    "reason": "success",
    "nameMatch": "yes",
    "mobileMatch": "not available",
    "signzyReferenceId": "XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX",
    "auditTrail": {
      "nature": "BANK RRN",
      "value": "XXXXXXXXXXXX",
      "timestamp": "2025-09-09T04:41:21.380Z"
    },
    "ifscCodeData": {
      "status": "FAILURE",
      "message": "Failure"
    },
    "nameMatchScore": 0.7,
    "bankTransfer": {
      "response": "Bank Account details verified successfully.",
      "bankRRN": "XXXXXXXXXXXX",
      "beneName": "XXX",
      "beneMMID": "",
      "beneMobile": "",
      "beneIFSC": "XXXXXXXXXX"
    }
  }
}

# Verification Failure with success IFSC fetch failure 
{
  "result": {
    "active": "XXX",
    "reason": "XXX",
    "nameMatch": "XXX",
    "mobileMatch": "XXX",
    "signzyReferenceId": "XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX",
    "auditTrail": {
      "nature": "XXX",
      "value": "XXXXXXX",
      "timestamp": "XXXXXXXXXXXXXXXXX"
    },
    "ifscCodeData": {
      "status": "XXX",
      "bankName": "XXX",
      "address": "XXX",
      "state": "XXX",
      "district": "XXX",
      "branch": "XXX",
      "contact": "XXX",
      "ifscCode": "XXXXXXXXXX",
      "micrCode": "XXXXXXXXX"
    },
    "nameMatchScore": "XXX"
  }
}

Contact Us for Any Assistance

If you have any questions or need assistance, please reach out to our customer support team. You can contact us via email at [email protected]. We strive to provide prompt and reliable assistance, ensuring your queries are addressed effectively.

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