Account Credit is one of our service offering, where we directly deposit the money you send into the Beneficiary’s Bank Account. We generate a Reference # for every Account Credit transaction. The beneficiary’s bank details are given to us at the time of registration or later, via the add beneficiary feature in your account. Due to compliance requirement, the account holder and beneficiary name per our system, should be the same. There are a few mandatory fields which needs to be filled by you. These fields help us transmit the money to your beneficiary seamlessly. These details are, for example, Exact Name of the Beneficiary per Bank Records, Account #, Local Payment service code (examples - IFSC code for India, SLIPS Code for Sri Lanka, IBAN Code for Pakistan and UAE, etc.). There are also different services particular to the pay-out country, for example SLIPS payment and RTGS payment in Sri Lanka; NEFT, IMPS & RTGS payments in India & the like in other countries. The service would vary basis the payment method chosen and the capacity of the beneficiary bank, to access the pay-out country payment services. The KYC requirement of the bank has to be met as per local regulations at the time of credit or usage of funds from the account.
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