The following table lists all the commonly used terms and their definitions used in Smart Collect:
Virtual Bank Account
Virtual accounts are bank accounts that have no physical existence, are temporary, and transact on behalf of a real, physical account. A virtual account 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.
UPI stands for Unified Payment Interface. It allows transfer of money from one bank account to another instantly via one's mobile phone.
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.
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.
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.
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).