Why your Business Needed PAN Verification API?
#pan card verification api #pan verification api #nsdl pan verification api
Need for PAN Verification API and its Integration
PAN number is a 10-character alphanumeric number issued by the Income Tax Department, Government of India. The PAN card serves as proof of identity and address for all financial transactions that require it and is an important part of your KYC (Know Your Customer) requirements.
Why does an individual need a PAN card?
- Receive tax benefits, exemptions and real-time assessment of tax returns
- Receive government-issued subsidies and benefits under PDS, Kisan Credit Card
- Receive discounts on KYC verified products like insurance, credit cards, investments etc.
- Avoid delay in receiving government-issued subsidies and benefits under PDS, Kisan Credit Card
- Avoid being denied a new bank account due to information mismatch or misreporting of details in the documents submitted by the applicant
Who needs the PAN verification API?
The pan verification API has a wide application in different industries like:
- Lending Platforms: All the NBFC, and lending platforms need to verify customers’ PAN and fetch other credit-related information like CIBIL score which needs the pan card to be verified. Eko platform services provide NSDL PAN verification API that enables such platforms to verify pan cards on the go, and can handle numerous applications easily.
- Insurance Providers: Various insurance companies have to verify the PAN cards of their policyholders. A system that uses the pan verification API is integrated with their systems for ease of processing.
- Financial Institutions: Finance institutions have to verify the PAN cards of their customers for payment and for various other purposes. A system that uses the pan verification API has to be integrated with the system from which money is being transferred.
- Corporations: The Corporate sector has multiple internal and external transactions that need the PAN card verification API. Some of them are for ease of processing payrolls and others help in limited access to sensitive data thereby alerting only those who need to
- Private Tax filing platforms: Private tax filing platforms have to verify the pan card details as per government norms. A system that uses the pan verification API is integrated with their systems for ease of processing.
- Payments & Fintech Companies: The fund transfer and payments industry is a hot market right now. Companies like PayTM and other digital payment platforms have to verify the pan details of the user. A system that uses the pan verification API is integrated with their systems for ease of processing.
Benefits of Eko’s PAN Verification API-
- Instant Merchant Onboarding
- Easy and developer-friendly documentation
- Lowest Fee
- Highest Commission
- Highest Success Rate
- 24x7 Support
In a nutshell
The pan card verification API provides an easy way of integrating third-party applications that require the PAN card. It also helps in completely automating the verification process as it has built-in webhooks, which can easily be integrated with various third party applications. The PAN card verification API can also be used by other organizations who are dealing with individuals or anyone in financial capacity for verification.
Reach out to the Eko sales team for any support in regards with the same at firstname.lastname@example.org or 08045681131.