Have you joked with any concept of payment when making bank transfers ? Although some users think that this field is only visible to them and the person receiving the payment, it is not.
This space has a clear objective and you have to be careful when filling it out, otherwise this could trigger alerts from the Tax Administration Service ( SAT ).
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 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 data, 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 is a field in which a short 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 any money laundering or other illicit attempt.
If the SAT identifies that any of the names used to fill in the concept is strange or does not add up, it could call or quote the account representative to explain what it is.
If the case escalates, the user must present proof that their transaction is legitimate.
What concept to put in a transfer?
Some messages that can be added in this space are payment of tuition, dinner, monthly payment for the house, restaurant, etc. The objective is that these keywords help users to recognize their movements and thus have a better organization in their finances.
Words not recommended in a bank transfer
Any words related to an illegal act should be discarded, whether it mentions weapons, drugs or crime, not even as part of a joke, so avoid them.
