Bank Information Fields

June 29, 2023
3 mins read

Bank fields are the different pieces of information that banks store about their customers. Veryfi’s powerful OCR API can extract bank fields from common financial documents like invoices and checks.

Bank Fields

  • Bank name
  • Bank number
  • Routing number
  • Account number
  • IBAN (International Bank Account Number)

Category of Bank Fields

  • Identification: These fields are used to identify the bank and the account holder.
  • Accounting: These fields are used to track the financial transactions associated with the account.
  • Transaction: These fields are used to track the specific details of a transaction, such as the date, amount, and recipient.
  • Security: These fields are used to protect the account from unauthorized access.

Bank Fields Explained

  • Bank name: The bank name refers to the name of a specific financial institution. It helps identify the organization where an account is held. Knowing the bank name is useful for various purposes, such as verifying the legitimacy of a bank, processing transactions, and ensuring accurate fund transfers.
  • Bank number: The bank number typically refers to a unique identifier assigned to a particular bank. It can be used internally within the banking system for various purposes like routing transactions or identifying specific branches of a bank.
  • Routing number: A routing number, also known as an ABA (American Bankers Association) routing number, is a nine-digit code used in the United States. It helps identify the financial institution associated with a specific bank account. Routing numbers are used for tasks like processing direct deposits, electronic funds transfers, and initiating automatic bill payments.
  • Account number: An account number is a unique identifier assigned to an individual bank account within a specific financial institution. It is used to differentiate between different accounts held by customers of the same bank. The account number is crucial for conducting transactions, managing balances, and ensuring accurate fund transfers.
  • IBAN (International Bank Account Number): The IBAN is an internationally recognized standardized format for identifying bank accounts. It consists of a country code, two check digits, and a combination of letters and numbers specific to each country. The purpose of IBAN is to facilitate efficient and error-free international money transfers by providing a unique account identifier that is recognized across different countries.
  • SWIFT/BIC: SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, also known as a Bank Identifier Code (BIC), is a unique identification code used for international wire transfers. It helps identify specific financial institutions worldwide. SWIFT codes are typically made up of eight or eleven alphanumeric characters and are used in global transactions to ensure the accurate routing of funds.

With the data associated with these fields, you can perform various banking operations such as transferring funds, setting up direct deposits, processing electronic payments, verifying account details, and ensuring secure and accurate financial transactions domestically and internationally.

Use Cases

FieldDescriptionInsights & IntelligenceApplication Type
Bank nameName of the financial institutionVerification, branding, and identificationFintech apps, banking systems
Bank numberUnique identifier for a specific bankInternal routing and identificationBanking systems, transaction processing
Routing numberNine-digit code identifying US financial institutionsABA routing, routing verificationAutomated payments, direct deposits
Account numberUnique identifier for an individual bank accountAccount differentiation and identificationFund transfers, account management
IBANInternational Bank Account NumberStandardized account identifierInternational fund transfers, banking systems
SWIFT / BICSociety for Worldwide Interbank Financial Telecommunication code / Bank Identifier CodeGlobal bank identificationInternational wire transfers, banking systems

It’s Time to Build

With Veryfi, you have the catalyst to develop extraordinary apps and tools that will captivate customers and leave them utterly enthralled.

Tap into the immense power of bank fields and data, and embark on a remarkable journey of limitless possibilities. Let your imagination soar as you forge a path to greatness, with Veryfi by your side as your trusted companion. Prepare to conquer new horizons and make your mark in the world of innovation.

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