Ensuring compliance is one of the cardinal rules for the businesses – no matter if it is a large organization or a small enterprise. Enforcing compliance enables businesses to stay in line with fraud prevention policies, detect violations of rules, and protect a company from running into unnecessary fines and lawsuits. To be compliant and stay on the right side of the law, PAN verification is one such important step before onboarding customers, clients, and third-parties.
The Permanent Account Number (PAN) card is one of the most important documents nowadays. Issued by the Income Tax Department, the major purpose of this document is to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity. It is like an economic tool used to keep tabs on all the monetary transactions and maintain a detailed record for ongoing and future compliance purposes.
However, the PAN card has many other uses besides just being a way for the government to keep tabs on an individual/entity’s financial dealings. PAN Card is useful for IT return filings, bank account opening, making investments, and most importantly as a proof of identity – anywhere in the country.
A typical PAN card issued to an individual would comprise the following information:
A typical PAN card issued to a business would comprise the following information:
The rising issue of cybercriminals using morph digitized images to dodge the verification process and engaging in cyber frauds has made it imperative to have a stringent verification solution in place. As a result, ascertaining the genuineness of a PAN Card is a cardinal rule for businesses before onboarding individuals and other third parties.
PAN Card verification API helps businesses ensure whosoever they are onboarding or associating their business with is reliable. API-led verification makes the entire process frictionless, convenient, and instantaneous while also eliminating the need for a KYC official or third party to be physically available at the time of the process.
Companies can save themselves from getting sucked into the whirlpool of manual verification by digitizing verification via APIs. It is also a major game changer in terms of cutting down unnecessary costs and saving time.
Leveraging AuthBridge’s PAN verification API can make your onboarding process easier and frictionless for your clients, customers, vendors, and other third parties. Our configurable PAN verification API assures convenience by automating the process and enables businesses to conduct verifications in bulk. It cuts the need to invest a good amount of man-hours into PAN card verification and helps organizations to be efficient.
This easy-to-follow process includes uploading the PAN details through API and extracting data in real-time through OCR that gets validated from the Government databases.
It empowers businesses and other institutions where officials/third parties cannot commute for in-person PAN verification. Some of the top sectors like BFSI, Retail, FMCG, Pharmaceutical, and many more can leverage AuthBridge’s integrated API technology to onboard more customers, clients, and vendors with instant PAN verification.
AuthBridge is India’s largest authentication and background verification company. If you are interested in our Driver’s License verification API or any other verification solutions for your business, share your contact details below.
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