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## 1 Introduction

This topic provides the information about the identifier based virtual accounts.

The identifier based virtual accounts are used for one-time payments such as utility payments, payments of visa fees, application fees for schools and universities. The main purpose of such virtual accounts is an effective and automated reconciliation of such receivables by the receiving entities. Such accounts generally consist of two parts, they are Corporate Identifier and Remittance Identifier.

Corporate Identifiers are provided by the bank to their corporate customers to uniquely identify corporates. The corporates have the flexibility to add the second part of the account number that is, Remittance ID based on their requirement. Accounts formed in this manner can be used for receiving payments into the corporate account.