Proposed Subject to Bank
Approval
Merchant Payment Identification Through Virtual Accounts
JIGROPAY is exploring Subject to Bank Approval to support merchant-wise payment identification and automated reconciliation.
Merchant Verification and Onboarding
An eligible business completes merchant verification and onboarding.
Merchant Reference Creation
A merchant reference is created within the JIGROPAY platform.
Virtual Account Mapping
Subject to bank approval, a Virtual Account identifier may be mapped to the merchant.
Payer Makes Payment
The payer transfers funds against a specific recharge request, invoice or bill.
Transaction Identification
The transaction is identified using the VA reference, merchant ID and applicable invoice or transaction details.
Reconciliation
The payment is reconciled against the merchant's records.
Collection and Settlement
The proposed model involves collection through a bank-approved arrangement and settlement to the relevant merchant, subject to applicable regulatory requirements and the bank's approval.
Current Status
Virtual Account integration is proposed and not yet approved or operational.
