What is BRIVA?

Financial transaction technology has developed rapidly. In the past, to make a digital transaction you had to go to a branch office or to an ATM. Currently, there are various solutions to complete easy and practical digital transactions, one of which is the virtual account feature.

Virtual accounts are virtual accounts or bank accounts that are not real, generally in the form of a number of ID numbers that can be used to make payments. The ID number is usually created by the bank selected according to the company's request to make a transaction. In each transaction, each customer will get a different ID to make a payment. This ID number can also change for different transactions.

Payment methods and transactions via virtual accounts are the right choice for us at this time. Especially considering how fast technology is developing, and digitalization is starting to spread evenly across all levels of society. Besides being practical and easy, using a virtual account is more personal and secure.

Research states that 60-80% of transactions in Indonesia occur through bank transfers. However, Indonesian banks cannot share the identity of who has made each transaction, so business owners need to reconcile each transaction individually. Business owners need to cross-check the sender's identity with the account number, as well as ensure that the correct amount has been transferred.

This process is usually done manually by the company's finance and accounting teams, which leaves room for human error, and is costly and time consuming. These processes need to be automated to service large volume transactions, or help businesses scale. This is the reason why the virtual account method is widely used on a wide scale.

Because each virtual account contains a unique code, business owners can set the payment amount and usage type of each account to automate the identification process. Transactions will also be recorded as safer, more practical and knows no time limit. You can make purchases from anywhere and then make payments within a certain time wherever you are. With a virtual account, one bank account can be divided into several virtual accounts. As a subdivision of the main account, virtual accounts also have their own virtual account numbers, transaction reports and balance features.

Types of Virtual Accounts

In general, there are two types of virtual accounts:

1. Fixed Virtual Account

   A virtual account number that is uniquely defined by the customer. For example, an e-wallet application that uses the user's mobile number as an ID number. With this type of virtual account, users can make repeated payments to increase their e-wallet balance without having to enter an ID number every time they make a transaction.

2. Non-Fixed Virtual Account

   The virtual account number is randomly assigned and usually can only be used for one transaction. For example, when a customer wants to make a payment through a virtual account in e-commerce, the ID number obtained by the customer cannot be used again to make other transactions.

Virtual Accounts allow users to make and identify payments easily. If a merchant makes three payments of IDR 100,000, then the virtual account can assign this instantly to each payer, by providing a unique account number to pay out. The following is an example of how virtual accounts work:

1. Merchants tell each customer to pay to a specific invoice or virtual account for all their transactions.
2. Each virtual account number is directly associated with a customer or invoice.
3. Every payment received, transaction information that occurred will be sent to the merchant. So the merchant can immediately identify the buyer or where the invoice came from.

BRI itself provides a virtual account feature, namely the BRI Virtual Account or BRIVA. You can implement the use of BRIVA in your digital business by utilizing BRI's open banking, namely BRIAPI through the BRIVA API. By using the BRIVA API, you can implement the BRI Virtual Account feature in your digital business, making banking activities faster, more practical, convenient, modern, and reliable.

The use of the BRIVA API has several advantages when compared to manual transfers. For example, if your digital business is engaged in e-commerce, the implementation of the BRIVA API can detect payments automatically and in real time by the system, so that your customers no longer need to confirm payments manually. In addition, the entire transaction process will also be easier with this API, with just a few clicks.

API BRIVA Usage Example

If your digital business is engaged in e-commerce or marketplace, using the BRIVA API will facilitate all transactions that occur. This convenience will be felt by both business owners and consumers. Business owners will get information about any transactions that occur more easily and quickly. For example, the most basic is information about incoming funds and outgoing funds. Meanwhile, from the consumer side, the use of the BRIVA API will speed up the transaction process, because after the transfer there is no need to confirm payments through sending proof.