How does Akoya support instant bank account verification for account opening?

Akoya enables instant bank account verification by connecting apps to financial institutions through secure, user-permissioned APIs. When a user wants to open a new account, they select their financial institution, provide consent, and are redirected to authenticate directly with their bank. An authorization code is then exchanged for secure tokens that allow the app to access verified account data in real time, completing verification without micro-deposits.

Why is instant account verification better than micro-deposits for account opening?

Micro-deposits require users to wait days for small test transactions to appear in their account before verification can be completed. Instant bank account verification through Akoya eliminates this delay by accessing verified account data in real time through direct, permissioned API connections to financial institutions, enabling faster onboarding and immediate transactions.

Which Akoya APIs are used for account opening?

Account opening use cases typically combine the Akoya Balances API (to verify account balances), the Customers API (to verify identity details including name, email, and phone number), and the Payments API (to enable secure ACH and Real-Time Payment flows once the account is verified).

How are user credentials protected during the account opening process?

Akoya's account opening flow ensures credentials are never shared with the app. Users authenticate directly with their financial institution through Akoya's secure OAuth-based connection. At no point are login credentials exposed to the onboarding app. Only authorized, tokenized data is passed back through the secure connection.

How do developers integrate Akoya for account opening?

Developers can integrate Akoya's account opening use case using Akoya's SDKs, which allow instant bank account verification to be added to onboarding flows without maintaining multiple custom integrations. A single integration with Akoya provides access to thousands of financial institutions. Developers can test in the self-service sandbox at recipient.ddp.akoya.com before moving to production.

ACCOUNT OPENING

Instant bank account verification for
account opening

Enable secure, instant bank account verification so users can open new accounts quickly without micro-deposits.

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Empower users to open new financial accounts

Give users a frictionless start when opening new accounts. With instant bank account verification, you can reduce fraud risk and confirm user identities in real time. Akoya’s user-permissioned APIs make it easy to integrate into your onboarding flow so users can move money with confidence from the very first transaction.

ACCOUNT OPENING

How it works

Authorized connection

A user wants to connect a checking account at their financial institution to open a new account or fund it instantly. The app presents an institution selection screen for the user to choose their bank. The app then captures consent and begins the instant bank account verification before redirecting the user back to their financial institution to log in.

Secure authentication

Permissioned data provided

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ACCOUNT OPENING

Underlying products

Balances

Give users access to balances for bank accounts, credit cards, loans, investments, and more.

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Customers

Access verified contact details and information on file at users’ financial institutions.

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Payments

Enable users to make secure ACH and Real-Time Payments (RTP) with all required identifiers.

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ACCOUNT OPENING

Integrating with Akoya

See all use cases

100% permissioned APIs

Akoya provides secure, permissioned
APIs that keep user credentials and financial data safe.

Seamless developer experience

Developers can easily add instant
bank account verification to onboarding flows.

Easy integration

Integrate once and skip the hassle
of maintaining multiple custom connections or one-off builds.

Reliable data

Access real-time, accurate data to verify accounts instantly and let users open accounts faster.

Featured resources

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Get started with instant bank account verification

Try Akoya’s self-service sandbox and set up a free account to test with sample data and start onboarding customers faster.

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Read API docs

Instant bank account verification for
account opening

Empower users to open new financial accounts