Topic
Payments and banking
Payment rails, bank instruments and the terms finance teams meet when money actually moves.
Glossary
The terms you will meet.
Payments and banking ACH Transfer Batch-processed electronic bank transfers powering payroll, EMIs, and recurring payments across India. Also called Automated Clearing House transfer, ACH payment, ACH Payments and banking Bank Guarantee Your bank's written promise to pay a third party if you can't deliver on a contract - widely used in tenders and trade. Also called BG, letter of guarantee Payments and banking Beneficiary The person or entity on the receiving end of a payment, insurance claim, trust distribution, or trade finance instrument. Also called payee, beneficiary account holder Payments and banking Current Account The business bank account - unlimited transactions, no interest, and the backbone of every company's financial operations. Also called business current account, checking account Payments and banking Demand Promissory Note A signed, unconditional "I owe you" that's legally enforceable on demand - still widely used in Indian lending. Also called DPN, promissory note payable on demand Payments and banking Digital Payment Any payment made electronically - via UPI, cards, net banking, or wallets - without physical cash changing hands. Also called electronic payment, e-payment, online payment Payments and banking Escrow Account A neutral third-party account that holds money until both sides of a deal fulfil their obligations. Also called escrow, escrow arrangement Payments and banking IMPS (Immediate Payment Service) India's 24x7 instant interbank transfer system - money in the beneficiary's account within seconds, any day, any time. Also called IMPS transfer Trade and foreign exchange Legal Entity Identifier (LEI) A unique 20-character alphanumeric code that identifies legal entities participating in financial transactions globally. Also called LEI code, LEI number Trade and foreign exchange Letter of Credit (LC) A bank-backed guarantee that a seller will get paid - the backbone of international trade when buyer and seller don't know each other. Also called documentary credit, L/C Payments and banking NEFT (National Electronic Funds Transfer) India's RBI-operated electronic payment system enabling bank-to-bank fund transfers on a deferred net settlement basis. Also called NEFT transfer Payments and banking Nostro Account An Indian bank's foreign currency account held abroad - the hidden infrastructure behind every cross-border payment. Also called nostro, foreign currency correspondent account Working capital Overdraft A credit line that lets you spend more than your bank balance - interest only on what you use, for as long as you use it. Also called overdraft facility, OD limit, bank overdraft Payments and banking Razorpay India's dominant payment gateway - processing card, UPI, and net banking payments for businesses of every size. Also called Razorpay payment gateway Payments and banking Remittance Money sent across borders - whether it's an NRI supporting family, a business paying an overseas supplier, or a student's tuition transfer. Also called outward remittance, inward remittance, foreign remittance Payments and banking RTGS (Real Time Gross Settlement) RBI's system for instant, irrevocable, high-value transfers - mandatory for payments above Rs 2 lakh. Also called RTGS transfer Payments and banking SWIFT Code The 8 or 11-character address that tells the global banking network exactly which bank and branch to route your international payment to. Also called BIC code, SWIFT BIC, bank identifier code Payments and banking UPI (Unified Payments Interface) India's real-time payment revolution - send money instantly using just a phone number or UPI ID, 24x7, for free. Also called UPI payment, BHIM UPI Collections and DSO Virtual Account A unique account number per customer that auto-matches incoming payments - no more chasing "who paid what." Also called virtual account number, VAN, virtual bank account Payments and banking Wire Transfer Electronic money movement between banks - domestically via NEFT/RTGS, internationally via SWIFT - the workhorse of business payments. Also called bank wire, telegraphic transfer, TT
See it in the product
Payments and banking, in the product.
Financial OperationsAccounts PayableBill capture, line-item TDS, GSTR-2B nightly recon, MSME 45-day rule, approval workflows and vendor payment automation.Financial OperationsAccounts ReceivableQuote to cash on one record. Customers, GST invoices with IRN/QR/EWB, receipts, aging, payment follow-ups across email and WhatsApp.Accounts PayablePayment SchedulingSchedule batches by due date. MSME 43B(h) rule enforced. Take early-pay discounts. Bank rails for direct payment.Accounts PayableVendor Payment BatchesNEFT/RTGS/IMPS/UPI rail selection with auto-fallback. Connected Banking integration. Status posted back.Accounts ReceivableUPI / Payment LinksRazorpay, Cashfree, PayU, ICICI integrated. UPI / card / netbanking link on every invoice.ApplicationBanking and CashConnected banking, transactions, cash visibility and reconciliation.DomainFinancial ManagementAccounting, Accounts Payable, Accounts Receivable, Banking and Cash, Tax and Compliance, Financial Reporting