Available in🇮🇳 India
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 or NEFT is a form of money transfer routed via RBI by the banks. Transfers from the source bank are sent in batches once in every 30 minutes to the RBI which is then forwarded to the beneficiary bank. 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 | Real Time Gross Settlement or RTGS is also a form of money transfer routed via RBI by the banks. Unlike NEFT, transactions made using this method are settled instantly. It can be used only when the minimum amount to be transferred is ₹2,00,000/- or more. |
| IMPS | Immediate Payment Service or IMPS is an instant and 24x7 available money transfer service that is routed through NPCI (National Payments Corporation of India) from the source bank to the beneficiary bank. The maximum amount cap per transaction is ₹2,00,000/-. |
| Beneficiary | Beneficiary is the person or entity to which money is credited in a payout/payment. A beneficiary can be a person or a business entity. Beneficiary Account is the account of the Beneficiary. |
| 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). |