fankly-logo
Login Sign Up
Auto Collect

Automatic Reconciliation of Inbound Payments

Accept payments directly in your bank account via UPI, NEFT, IMPS and RTGS. Match each payment to a customer or an order and reconcile automatically.
Get Started

Automated Payment Reconciliation for all

You Receive Payments. We Reconcile them.
Unique Virtual account for each payer​

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

All bank and UPI transfers
Accept payments via IMPS, RTGS, and NEFT. Create virtual UPI IDs for fast and simple payment collection from any UPI App.
Auto bank reconciliation

Freedom from manual reconciliation: Know who paid and when.

 

See how does it work?

Create Virtual Account

Create a unique mapping of virtual account or Virtual UPI ID assigned to every payer/user. REST APIs available to create accounts automatically, in real-time.

Notify User

Share the account for payment for every user via email/SMS/WhatsApp or notify through your App.

User Pays

Payer pays to the assigned account using any UPI App like Google Pay, BHIM, Paytm, Whatsapp OR through their online net banking account.

Reconciliation Notification

Once the payment is received -- immediately, or within 2 hours for NEFT transfers - you are instantly notified about the transaction and payment details via a webhook. The user's payment is thus acknowledged.

Use Case

Loan repayments

Lenders use AutoCollect cash management services to collect repayments for short term loans from consumers and businesses. Bank transfers are preferred since it is the least expensive and fastest way to move money. The lender receives the money within the same day.

Bill and fee payments

Schools and educational institutes use AutoCollect cash management services to receive fee payments. Every student is assigned a unique virtual UPI ID based on the roll no. For ex - cashid.rollnumber@icicibank Payments into a virtual UPI ID are reconciled instantly on receipt. Similarly utility bill payments for phone, internet and DTH are be collected by creating virtual UPI IDs based on phone numbers. For ex - cashid.phonenumber@icicibank AutoCollect enables payment collection without the user having to visit the billers app or website to make a payment.

B2B retailer distributor payments

E Distributors use Auto Collect cash management services to reconcile inbound bank transfers received from 20,000 plus retailers. Since transactions are reconciled instantly, retailers are able to purchase inventory faster and free up working capital.

Power up your cash management services

Multiple Settlement Accounts

Every virtual account can be mapped to it's own settlement account. Helps manage your cash better.

Faster Settlements

Receive money in less than 3 hours* into your bank account.

Activation Control

Create Virtual Account in real time. Deactivate an account any time you wish. Transfers initiated to a disabled virtual account get rejected.

Customize Notifications

Choose different set of email addresses and phone numbers for every new virtual account

Contact us

FAQ

Is Autocollect same as cash management services provided by banks?

Fankly Autocollect helps not only collect incoming bank transfers and UPI payments but also track and automatically reconcile payments. Also Fankly Autocollect uses Virtual account and Virtual UPI IDs to collect payments, while most banks do not provide this facility.

What is a Virtual Account?

Virtual Account is a pass through account linked to a real bank account. The account is used to improve inward payments reconciliations. When a business receives payments from multiple sources and over a period of time, it gets difficult to track-who paid and which reason. This is usually reconciled manually by matching reference numbers in the bank statements with screenshots provided by a payer. By creating multiple virtual accounts mapped to the same account, it becomes possible to reconcile different incoming transactions into a bank account. With Fankly autocollect- cash management services, you can generate any number of virtual accounts or UPI IDs for each payer or invoice and share a/c details while receiving payments. For repeated customers you can use a dedicated virtual account or UPI ID.

Can I hold money in a Virtual account?

No, it is not possible to hold money in the account. The payment so received eventually passes to the linked real bank account. The virtual account here is used only for payments reconciliation.

Some banks provide virtual bank account service, does cashfree have any advantage over such accounts?

For most banks, Virtual account payments can be received only using NEFT or RTGS; IMPS payments fail. The payments are not instant and restricted by banking hours. Using Fankly cash management services solution, funds can be remitted to the virtual account through all bank transfer modes including UPI, IMPS, NEFT, RTGS and even Cheques. Fankly also helps you create Virtual UPI IDs to accept payments through any UPI app such as WhatsApp or Google Pay. Moreover, for banks, reconciliation of payments happens through files sent over email, which is a once a day reconciliation process. For Fankly , payment confirmation can be received through an API which is a real-time system update for receipt of funds. Fankly also supports fully numeric virtual accounts unlike many banks which work on all bank interfaces -- alpha-numeric bank accounts provided by banks do not work on many of the older bank interfaces, especially on mobile.

Can I use the cash management services for outward payments as well?

No, however for automating outward payments you can use Fankly Payouts. It is bulk disbursal solution that helps you send money to any UPI-BHIM ID, Paytm wallet, debit card or bank account. With inbuilt bank account verification feature, you can verify the bank account details and ensure that payments hit the right account. Checkout Payouts here.

Is any KYC required for creating a virtual account?

No there is no KYC required for creating the account. You can create any number of virtual accounts and virtual UPI IDs using Fankly cash management services.