Third-Party Validation (TPV) of bank accounts is a mandatory requirement for merchants in securities, broking and mutual funds operating in the BFSI (Banking, Financial Services and Insurance) sector.
As per Securities and Exchange Board of India (SEBI) guidelines, transactions must be made by the customers only from those bank accounts that were submitted to your business at the time of registration.
No. Smart Collect eliminates the need for manually verification of account details.
All you have to do is pass the customer's account details when creating the customer identifier. Razorpay verifies the customer's account details on every payment made to the customer identifier.
You can fetch the allowed_payers
list using
Customer Identifiers support TPV validation for a maximum of 10 bank accounts.
5. What happens if a customer attempts a payment from a different account which is not in the allowed payers?
If a payment is made from an account that is different from what is provided in the allowed_payer
attribute, the amount is instantly refunded to the customer via the same mode NEFT/RTGS/IMPS.
You can view these payments on the Transactions → Refunded tab on your Dashboard. These payments have the following description: Bank Account Validation Failed
.