IB V Collect Plus
Offline Collection with Online Response
Indian Bank offers a Digital Collection Product with real time MIS regarding Remitter details to empower Educational lnstitutions, Corporates, Finance companies, Chit Companies etc. to receive funds from different sources through branch counters or net banking of any bank
- 6 Digits Virtual lD of Institution/Merchant’s choice- mapped to account number.
- Ease of remittance through Branches and Net Banking of any bank.
- Validating correctness of Remitter lD / Amount
- Real Time confirmation of receipt of funds to the lnstitution/Merchant
- Automated MIS Reports
- Educational lnstitutions like Schools/ Colleges/Universities to collect fee payments
- Corporates collecting payment dues from Dealers / Agents
- Newspaper / Periodicals who collect subscription
- Chit Companies/Jewellery shops collecting subscription
- Residential Association for collection of charges
- Finance companies collecting loan installments from borrowers.
- Any other type of customer who collects money from multiple remitters at regular intervals
How it Works?
When a transaction is initiated through IB V Collect Plus, the following will be the flow of work: –
Option 1 : Real Time Credit confirmation to the lnstitution
- Remitter initiates a transaction through any mode viz Cash/Cheque at Indian Bank Branch Counter /NEFT/RTGS at other Bank Branch counter/ NetBanking etc.
- Credit account will be Virtual Account number instead of real account.
- Virtual Account= Virtual ID+ Unique Remitter Information\
- The transaction will be processed and amount will be credited to the real account.
- Credit confirmation along with remitter details will be sent to the lnstitution.
Option 2: Validation of Remitter details and Real Time Credit confirmation
- Remitter initiates transaction through any mode viz Cash/Cheque at Indian Bank Branch Counter /NEFT/RTGS at other Bank Branch counter/ NetBanking etc.
- When the transaction is initiated by the remitter, Remitter lD & Amount will be sent to the Institution for verification.
- lf the details are correct upon verification, transaction will be accepted and amount will be credited to the account, Credit confirmation along with remitter details will be sent to the lnstitution.
- lf the details are incorrect upon verification, transaction will be rejected / returned to the remitter.
Benefits to Merchants/Institutions:
- Virtual ID of Institution’s Choice
- Avoiding Wrong Credits into the Account
- Real Time Confirmation of Receipts
- Hassle Free Reconciliation
- No exposure to Institution’s Real Collection Account number, as 6 digit Virtual code will be given to its customers for payment
- Instant viewing of Transaction Details through Net Banking also.
( Last modified on Nov 04, 2019 at 05:11:00 PM )