# Start a Penny Drop Bank Account Verification API | FastKYC

> Start an asynchronous penny-drop verification and receive a reference ID you can poll, built for bulk and queue-based account checks.

Source: https://www.fastkyc.com/apis/penny-drop-initialize/

---

[Banking](/apis/banking/)

# Penny Drop Initialize API

Start an asynchronous penny-drop verification and receive a reference ID you can poll, built for bulk and queue-based account checks.

[Book a Demo](/book-demo/)

Overview

## What the Penny Drop Initialize API does

Penny Drop Initialize begins a verification without waiting for the bank to respond. You submit the account number, IFSC, expected holder name and amount, and immediately receive a reference ID.

Splitting initiation from the result suits batch processing: you can queue thousands of accounts without holding open connections, then collect outcomes with Penny Drop Verify as they settle. Interbank transfers can take time, and this pattern stops that latency blocking your own workers.

## Built for

[Lending & NBFC](/industries/lending/)[Banking](/industries/banking/)[Fintech & Payments](/industries/fintech-payments/)[Gaming & Fantasy Sports](/industries/gaming/)[Crypto & Web3](/industries/crypto/)[Marketplaces & E-commerce](/industries/marketplaces/)[Real Estate & Rentals](/industries/real-estate/)

Use cases

## Where teams use the Penny Drop Initialize API

-   Queueing overnight verification of a large beneficiary file
    
-   Verifying accounts from a background worker rather than a web request
    
-   Handling banks whose responses are too slow for a synchronous call
    
-   Building a retry-safe verification pipeline
    

## Frequently Asked Questions (FAQs)

## Related APIs

-   [Penny Drop Verify APIFetch the outcome of an asynchronous penny drop using its reference ID and get the verification result with the account holder name.](/apis/penny-drop-verify/)
-   [Bank Verification Hybrid APIVerify any Indian bank account with automatic routing between penny-drop and penny-less checks, so you get the fastest valid result every time.](/apis/bank-verification-hybrid/)
-   [Bank Verification Penny Drop APIConfirm an Indian bank account is live and correctly owned by depositing one rupee and reading back the account holder name from the bank.](/apis/bank-verification-penny-drop/)
-   [Mobile to Bank APIFind the bank accounts linked to an Indian mobile number, so customers can confirm an existing account instead of typing one in.](/apis/mobile-to-bank/)

## Start verifying with the Penny Drop Initialize API

Book a walkthrough and we will show the call, the response and how it fits your onboarding flow.

-   One API key for every check
-   Verified against official Indian records
-   Built for onboarding at scale

[Book a Demo](/book-demo/)[Browse All APIs](/apis/)