Sumsub’s Bank Account Verification enables a real-time connection between businesses and customer financial data on a pan-European level, including account ownership, credit limit, balance details, and complete transaction history.
We offer a secure and effortless method for organizations to obtain key customer financial data, prevent identity and financial fraud, optimize the due diligence procedures, and stay compliant with PSD2 and AML/CTF mandates.

Sumsub’s Bank Account Verification ensures effective and reliable access to payment account data in banks, credit institutions, and electronic money institutions by leveraging the EU Open Banking framework that has been adopted and regulated in 30 countries of the European Economic Area (EEA) under the Revised Payment Services Directive (PSD2).

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Note

The Open Banking infrastructure under the Directive (EU) 2015/2366, officially referred to as the Revised Payment Services Directive (PSD2), is a technological and legal framework which mandates Account Servicing Payment Service Providers (ASPSPs) in the European Economic Area (EEA), including banks, credit institutions, and electronic money institutions, to allow authorized Third Party Providers (TPPs) access to financial customer data via application programming interfaces (APIs) on the basis of explicit customer consent. TPPs consist of Payment Initiation Service Providers (PISPs), Account Information Service Providers (AISPs), and Card-Based Payment Instrument Issuers (CBPIIs).

The Account Information Service (AIS) is an online service regulated under the PSD2 that allows authorized or registered AISPs, to access and consolidate financial customer information from ASPSPs on behalf of the customer.

Use cases

Bank Account Verification satisfies three primary use cases for Sumsub clients.

Solution benefits

Key benefits of the Sumsub Bank Account Verification solution include the following:

• Fraud Prevention. Verifies that the payment method is valid and belongs to the customer, minimizing the risk of identity fraud, such as account takeover or illicit use of payment credentials.
• Regulatory Compliance. Helps businesses meet CDD and EDD requirements under AML/CTF regulations, and seamlessly integrates with broader PSD2 obligations in EEA as well as upcoming mandates in Europe, such as the Instant Payments Regulation.
• Customer Conversion. Simplifies the end-user journey and prevents potential drop-offs by leveraging a simple, online banking authentication process that is both secure and familiar to the customer.
• Operational Efficiency. Automates customer data verification through a direct connection to major European banking institutions, eliminating the need for manual document inspection and authenticity checks.
• Risk Management. Enables businesses to assess customer risk levels by gaining insights into their financial behavior over an extended period of time, which helps detect signs of financial vulnerability.
  CDD Optimization. Implements early-stage customer segmentation, allowing low-risk users through a simplified onboarding flow, while assigning additional due diligence measures for high-risk users.

How Bank Account Verification works

The verification process is enabled through a seamless user bank account login that leverages Strong Customer Authentication (SCA) tools, implemented by financial institutions as part of the PSD2 requirements.

Step-by-step product journey:

1. The user selects their country from a dropdown menu on the onboarding page.
2. The user chooses a banking institution from a list of supported banks.
3. The user reviews and provides consent for data sharing, as required for verification purposes.
4. The user enters their online banking credentials to establish a secure connection.
5. The user verifies their account ownership and confirms their real-time presence via secure authentication methods.
6. Relevant bank account details are retrieved automatically and securely by Sumsub.
7. Retrieved data is instantly matched against the user's personal information for validation.
8. The user’s bank account data is verified, and the process is successfully completed, with data delivered to the client via API or SDK.

Supported jurisdictions

The Bank Account Verification solution is supported by the banks of the following jurisdictions:

Compliance overview

The Sumsub Bank Account Verification solution aligns with critical European regulatory frameworks, ensuring businesses meet compliance requirements while enhancing the security of financial transactions:

• Payment Method Verification. Under the 4th Anti-Money Laundering Directive (Directive (EU) 2015/849), all regulated institutions whose operations involve payment transaction processing are advised to perform payment method ownership verification in order to combat both money laundering and the financing of terrorist activities. The Bank Account Verification solution helps businesses ensure the legitimacy of both the payer’s and payee’s account legitimacy and ownership, providing accurate identification and traceability for all parties involved in a transaction. This verification process plays a pivotal role in safeguarding the financial ecosystem against fraud and illicit activities.
• Verification of Payee (VoP). The Verification of Payee (VoP) requirement, introduced under Regulation (EU) 2024/886, is essential for payment service providers (PSPs) to ensure secure and accurate credit transfers within the SEPA zone. This regulation aims to enhance payment security by requiring PSPs to verify payee information in real-time before processing transactions, reducing the risk of misdirected or fraudulent payments. The regulation becomes mandatory for Eurozone PSPs from October 2025 and non-Eurozone PSPs from July 2027. The Bank Account Verification solutions play a critical role by cross-checking the payer's provided details against the payee's banking records, ensuring compliance with VoP requirements, and safeguarding the integrity of transactions across the payment ecosystem.
• Financial Vulnerability and Creditworthiness Checks:
  • Financial Institutions. Verifying Financial Vulnerability and Creditworthiness is a crucial compliance measure across regulated industries, including under the 4th Anti-Money Laundering Directive (Directive (EU) 2015/849), European Banking Authority (EBA) Guidelines on loan origination and monitoring (EBA/GL/2020/06), and Markets in Financial Instruments Directive II (MiFID II) (2014/65/EU). These checks aim to ensure that individuals have the financial capacity to engage in transactions or commitments, reducing risks associated with over-indebtedness, fraud, and financial abuse. Bank account verification solutions support this process by confirming account ownership, monitoring transaction history, and validating financial stability, enabling institutions to assess creditworthiness and comply with regulatory standards effectively.
  • Gambling Operators. Gambling Operators under most national regulatory frameworks are required to implement Financial Vulnerability and Affordability Checks to assess whether customers can afford their gambling activity, including analyzing their income, spending patterns, and other financial data, which indicates both the necessary deposit as well as spending limits within the platform. That includes, but is not limited to, the UK Gambling Commission License Conditions and Codes of Practice (LCCP), Ontario Alcohol and Gaming Commission of Ontario (AGCO) Standards, British Columbia Lottery Corporation (BCLC), Australian Communications and Media Authority (ACMA) Interactive Gambling Act 2001, and USA State Gambling Regulations, including the New Jersey Division of Gaming Enforcement (NJDGE) Regulations, and Nevada Gaming Control Board (NGCB) Regulations.
• Strong Customer Authentication. To validate the financial account ownership the solution leverages Strong Customer Authentication (SCA) methods that have been adopted by all regulated banking institutions in line with the 5th Anti-Money Laundering Directive (Directive (EU) 2018/843) and PSD2 (Directive (EU) 2015/2366). This ensures a protected identity, account, and transaction data sharing access for the end user and regulatory compliance with the directive’s requirements for businesses concerning ownership verification.

Setup and configuration

The provided Bank Account Verification solution scheme demonstrates the following:

• Overall solution functionality
• Required steps of the end-user journey
• Integration architecture between Sumsub and the Open Banking Infrastructure

Get started with Bank Account Verification

The Bank Account Verification solution is currently supported via the Sumsub's WebSDK framework.

Refer to the complete technical integration guide to get started with the implementation process of Bank Account Verification.

Bank Account Verification FAQ

Find the most frequently asked questions about Bank Account Verification.