The concept of payment exists with the aim that users have better control of their finances and that the SAT and financial services can identify the reason for the transactions, however, some people use it to put funny names without knowing that this it can have consequences.
With the use of fintech applications through smartphones, it has become easier for users to transfer money from anywhere. To do this, in addition to the recipient’s account details, the app requests a “payment concept”, with which banks, businesses and financial entities know the origin of each bank transfer.
What is the concept of payment in a bank transfer?
The concept of payment in a bank transfer It is a field in which a small description of the transfer or payment that is being made must be added.
Due to the large volume of transfers in digital banking, monitoring systems often use artificial intelligence to search for keywords and thus detect if they are facing an attempt to launder money or other illicit.
If the SAT identifies that any of the names that were used to fill the concept is strange or does not add up, you could call or summon the representative of the account to explain what it is about.
If the case escalates, the user must present proof that their transaction is legitimate.