Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. P N Vasudevan, Managing Director & CEO, Equitas Small Finance Bank
- Mr. Arun Tanksali, Co-founder & CTO, Nearex
- Mr. Sony A, Jt. General Manager, South Indian Bank
- Mr. Rajiv Rai, former Chief Digital Officer, Edelweiss
- Mr. Neeraj Chandra, Head of Operations and Technology, Abu Dhabi Commercial Bank
- Mr. P B Prakash, Head-Financial Institutions Group, Indusind Bank
- Mr. Kamonasish Aayush Mazumdar, Founder & CEO at Foodieverse
- Mr. Shirsha Ghosh, Co-Founder Torit Innovations
- Mr. Hemal Shah, Technical Product Manager, Mastercard
- Ms. Kaunain Esmile, Vice President- Country lead Customer experience, DBS Bank
- Mr. Shashank Chowdhury, Former Managing Director -India, Infinite Zero OR Independent Consultant
- Mr. Abhishek Mody, Former Associate Director-Payment & Digital Initiatives, IDFC Bank
- Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
With numerous banking frauds happening and so many headlines emerging every other day, FIAKS community member posts the following questions on Account Number & Name Match basic feature by banks.
Question 1: Why regulators/banks/clearing systems across the world are unable to implement the basic feature of Account number and Name match?
Question 2: Shouldn’t the core banking system of the banks co-ordinate with each other?
Question 3: Shouldn’t this be the most fundamental API that all banks should enable for other banks to consume?
Let’s simplify the query by taking an example: Suppose a Customer ‘X’ visits a Bank A and gives a cheque of Rs. 1000 to be deposited in Customer ‘Y’ account (1235) which is with Bank B. Now if he mentions the wrong account number as (1234) on the cheque, ‘Banks A’ today is unable to verify name and account number of Customer Y and the funds get transferred in some Customer ‘U’ account with Bank B.
FIAKS community members put forth several solutions to address this problem:
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