These APIs ensure that UAE IBANs used in financial transactions are correct before sending the payment, reducing the risk of errors and enhancing the overall efficiency of payment processes.
- Overview
- APIs Offered
- Use Cases
- Applications must get the token using the “Get Token API," which will provide the access token details. This token must be used for the subsequent interactions of RESTful APIs. Tokens will be valid for 180s
- You can enter single or multiple accounts in the request which will return IBAN with account title.
- In production the title will be partially masked.
- “isIbanValid ” It can be TRUE or FALSE. if “TRUE” it means results received successfully. If “FALSE” it means no information received or incorrect IBAN.
This API streamlines the process of verifying the accuracy of account holder information against official records maintained by the Central Bank in UAE region.
NOTE:
Flow Chart
What operations can be performed?
1. verifyIban: This POST method is used to retrieve and verify the local IBAN before a payment is initiated to the beneficiary or when added into ERPs.
Request Headers:
Request Parameters:
Response Parameters:
Status Code Information:
IMPORTANTS NOTES:
In the UAE, the use of IBANs is mandatory for all electronic payments. Ensuring the accuracy of IBANs is crucial for the smooth processing of transactions. The IBAN Title Verification APIs provide a reliable way to verify the correctness of IBANs before initiating payments, thereby minimizing the risk of failed transactions and associated costs.
What are the benefits?
Error Reduction
Validate IBANs before processing payments, significantly reducing the risk of errors and failed transactions.
Operational Efficiency
Automate the validation process, saving time and resources that would otherwise be spent on manual checks.
Cost Savings
Avoid the costs associated with failed transactions, such as bank fees and administrative expenses.
Enhanced Security
Ensure the accuracy of IBANs, reducing the risk of fraud and unauthorized transactions.
Compliance
Ensure compliance with UAE regulations requiring the use of valid IBANs for electronic payments.
Improved Customer Experience
Provide a seamless payment experience for customers by ensuring that their payments are processed smoothly and without delays.
Which APIs are offered?
- IBAN Title Verification API: This API streamlines the process of verifying the accuracy of account holder information against official records maintained by the Central Bank.
By leveraging Mashreq’s IBAN Title Verification APIs, businesses that handle a high volume of transactions can maintain the integrity and efficiency of their financial operations
Ensures that the UAE IBANs used in financial transactions are correct before sending the payment.
