Glossary
List of all the commonly used terms related to Razorpay Smart Collect.
The following table lists all the commonly used terms and their definitions used in Smart Collect:
| Terms | Description |
|---|---|
| Customer Identifier | Customer Identifiers are bank accounts that have no physical existence, are temporary, and transact on behalf of a real, physical account. A customer identifier has a unique account number that makes it easy to trace the funds coming through it and helps to identify the source or the payer. |
| NEFT | National Electronic Funds Transfer (NEFT) is a mode of online funds transfer that is introduced by the Reserve Bank of India (RBI). It quickly transfers money between banks throughout India. A bank branch must be NEFT-enabled for a customer to be able to transfer the funds to another party. |
| RTGS | The term Real-Time Gross Settlement (RTGS) refers to a funds transfer system that allows for the instantaneous transfer of money and/or securities. RTGS is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank. |
| IMPS | Immediate Payment Service (IMPS) is an emphatic service that allows transferring of funds instantly within banks across India. This is not only safe but also economical. |
| Beneficiary | A beneficiary is the party you're sending money to - also known as a recipient. A beneficiary can be a person or a business entity. |
| Third Party Validation (TPV) | Third Party Validation (TPV) is essentially a process of confirming customer’s information by an external organisation. TPV plays an important role in securing transactions made in the BFSI Sector (Banking, Financial Services and Insurance). |
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