Recipient Bank Account FAQs

1. What are the different verification statuses for CP/CP+ bank accounts?

2. Will there be a callback after a change in verification status?

Yes. A callback will be sent through the following webhook events:

• cpbaCreated — triggered when a new bank account is created
• cpbaVerificationStatusUpdated — triggered when there is a change in verification status

3. How long will the verification process take?

It depends on the verification method:

Automatic Activation:
Deposit via bank transfer to the assigned VA for auto-verification. Verification is near-instant once the deposit is completed.

Manual Activation (via API):

• Non-SWIFT (SG) bank accounts: Verified within T+1 working day.
• SWIFT bank accounts: Auto-verified immediately if account holder name matches KYC name. If there's a mismatch, the bank account will not be auto-approved — we will reach out to you via RFI (Request for Information) for bank account proof.

4. Will there be a rejection reason if the bank account is rejected?

No, the verification status will just be "rejected".

5. If the bank account is rejected, is resubmission supported?

Yes. You may:

• Update the rejected bank account with correct details via the PUT /customer_profile/{customer_profile_id}/bank_accounts/{bank_account_id} endpoint
• Or submit a new bank account application via the POST /customer_profile/{customer_profile_id}/bank_accounts endpoint

6. What documents are required as bank account proof?

For acceptable document types, refer to Singapore Bank Account Verification Requirements.

7. Can I update a verified bank account?

For verified accounts, only the following fields can be updated:

• account_no
• swift_bic
• intermediary_swift_bic
• routing_code
• bank_account_proof
• payment_reason

8. How long will it take between the user making the deposit and bank account being verified so that the user can make withdrawals?

It will be near-instant once the first deposit is completed.