VIRTUAL ENTITY

Virtual Entities are the notional entities representing the real entities. This feature allows a user to conveniently create and manage virtual entities and further create numerous virtual accounts under it for other transactions. Below features are supporting for managing virtual entities.

Create Virtual Entity
View Virtual Entity
Edit Virtual Entity
Delete Virtual Entity

You are here How to reach here:

Toggle Menu > Virtual Account Management > Virtual Entity > Create Entity

OR
Toggle Menu > Virtual Account Management > Overview > Entity Summary > Create Entity

Create Virtual Entity

To create Virtual Entity:

In the Virtual Entity Type field, select the appropriate option.
If you select the Virtual Entity Type as Corporate:
In the Virtual Entity ID field, enter the virtual entity ID.
In the Virtual Entity Name field, enter the name of the virtual entity.
From the Corporate Type list, select the type of corporate entity.
From the Date Of Incorporation list, select the incorporation date.
From the Country Of Incorporation list, select the country of incorporation.
In the Landline field, enter the landline phone number.

Note:
1. Click Add Landline link to add more landline phone numbers.
2. Click to delete the landline phone number.

In the Mobile field, enter the mobile phone number.
In the Email ID field, enter the email address.
In the Preferred Mode, field select an appropriate option.
To receive correspondence on the same address as real entity select the Same as Real Entity check box.
If the Correspondence Address is not same as real entity:
In the Address Line 1 field, enter the first line of the correspondence address.
In the Address Line 2 field, enter the second line of the correspondence address.
From the Country list, select the country of residence.
In the Pin Code field, enter the postal code.
To receive correspondence on the same address as mailing address select the Same as Correspondence Address check box.
If the Mailing Address is not same as correspondence address:
In the Address Line 1 field, enter the first line of the mailing address.
In the Address Line 2 field, enter the second line of the mailing address.
From the Country list, select the country of residence.
In the Pin Code field, enter the postal code.
If you select the Virtual Entity Type as Individual:
In the Virtual Entity ID field, enter the virtual entity ID.
In the Virtual Entity Name field, enter the name of the virtual entity.
In the First Name field, enter the first name of the individual.
In the Last Name field, enter the last name of the individual.
From the Date Of Birth list, select the date of birth of the individual.
From the Gender list, select the gender of the individual.
From the Nationality list, select the nationality of the individual.
In the National ID field, enter the national identification code.
In the Home Phone field, enter the residence phone number.
In the Work Phone field, enter the work phone number.
In the Mobile field, enter the mobile phone number.
In the Email ID field, enter the email address.
In the Preferred Mode field select an appropriate option
To receive correspondence on the same address as real entity select the Same as Real Entity check box.
If the Correspondence Address is not same as real entity:
In the Address Line 1 field, enter the first line of the correspondence address.
In the Address Line 2 field, enter the second line of the correspondence address.
From the Country list, select the country of residence.
In the Pin Code field, enter the postal code.

Field Description

Field Name	Description
Virtual Entity Information
Virtual Entity Type	Type of the entity, whether the entity is Individual or Corporate.
Virtual Entity ID	Unique ID assigned to each virtual entity.
Virtual Entity Name	Name of the virtual entity corresponding to the entity ID.
These fields are displayed if you select the Virtual Entity Type as Corporate
Corporate Type	The corporate type. The options are: Corporation Co-operative Partnership Sole Proprietorship
Date of Incorporation	Date of incorporation of the corporate.
Country of Incorporation	Country name of the incorporation.
Landline	Landline number of the corporate virtual entity holder.
Mobile	Mobile phone number of the corporate virtual entity holder.
Email ID	Email address of the corporate virtual entity holder.
Preferred Mode	Preferred mode of the corporate virtual entity holder. The preferred mode could be Mobile or Email.
Correspondence Address These fields are displayed if you clear the Same as Real Entity check box.
Address Line 1	The first line of correspondence address of the corporate virtual entity holder.
Address Line 2	The second line of correspondence address of the corporate virtual entity holder.
Country	Country name of the corporate virtual entity holder.
Pin Code	Pin code number of the corporate virtual entity holder.
Mailing Address These fields are displayed if you clear the Same as Correspondence Address check box.
Address Line 1	The first line of mailing address of the corporate virtual entity holder.
Address Line 2	The second line of mailing address of the corporate virtual entity holder.
Country	Country name of the corporate virtual entity holder.
Pin Code	Pin code number of the corporate virtual entity holder.
These fields are displayed if you select the Virtual Entity Type as Individual
First Name	First name of the virtual entity holder.
Last Name	Last name of the virtual entity holder.
Date of Birth	Date of the birth of the virtual entity holder.
Gender	Gender of the virtual entity holder. The options could be: Male Female Other Prefer Not to Disclose
Nationality	Nationality of the virtual entity holder.
National ID	National ID of the virtual entity holder.
Home Phone	Home phone number of the virtual entity holder.
Work Phone	Work phone number of the virtual entity holder.
Mobile	Mobile phone number of the virtual entity holder.
Email ID	Email address of the virtual entity holder.
Preferred Mode	Preferred mode of the virtual entity holder. The preferred mode could be Mobile or Email.
Correspondence Address These fields are displayed if you clear the Same as Real Entity check box.
Address Line 1	The first line of mailing address of the virtual entity holder.
Address Line 2	The second line of mailing address of the virtual entity holder.
Country	Country name of the virtual entity holder.
Pin Code	Pin code number of the virtual entity holder.

Click Next to navigate to the Other Details section.
OR
Click Cancel to cancel the transaction.
From the Identification Type list, select the identification type.
In the Identification Number field, enter the identification number corresponding to the identification type.
In the Tax Identification Numberfield, enter the tax identification number.
Move the slider to select the KYC Required. If you select the KYC Required option:
From the KYC Status list, select the appropriate option.
In the KYC Referencefield, enter the reference number of last KYC.
From the Last KYC Date list, select the last date on which the KYC is updated.
Select Statement preferences to get Virtual Accounts statement at consolidated or Account level.

Field Description

Field Name	Description
Other Details
Identification Type	Identification type of the virtual entity holder.
Identification Number	Identification number corresponding to the identification type.
Tax Identification Number	Tax identification number of the virtual entity holder.
KYC Required	Indicates whether KYCKnow Your Customer refers to the activities related to customer due diligence that banks must perform to identify their clients and ascertain relevant information pertinent for doing financial business with them; and bank regulation which governs those activities. is mandatory.
KYC Status	KYC status of the virtual entity holder, whether KYC is verified or yet to verify. This field is displayed if you select the KYC Required option.
KYC Reference	KYC reference number. This field is displayed if you select the KYC Required option.
Last KYC Date	Last date on which the KYC was verified. This field is displayed if you select the KYC Required option.
Statement Preferences
Consolidated	Consolidated statement of all the Virtual Accounts mapped to the Virtual Entity.
Account Level	Account level Statement of each Virtual account mapped to the Virtual Entity.
Frequency	Frequency of the statement.
Due on	Due day/date/month/quarter/year required for the Virtual Account statement.

Click Submit.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate to the previous screen.
The Review screen appears. Verify the details and click Confirm.
OR
Click against the section that you want to edit. The screen appears in editable form.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate to the previous screen.
User is directed to Entity Information screen with values in editable form.
The success message of Virtual Entity creation appears along with the reference number. Click Ok to navigate to the application dashboard.
OR
Click Go To Dashboard to navigate to the dashboard.
OR
Click Go To Overview to navigate to the virtual account management dashboard.
OR
Click Create Virtual Entities to create more virtual entities.
OR
Click Create Virtual Accountsto create virtual accounts.

View Virtual Entity

By default all the entities are displayed. In case if you wish to search a particular entity, you can do so by entering the search criteria.

To view virtual entity:

In the Virtual Entity ID field, enter the virtual entity ID.
In the Virtual Entity Name field, enter the virtual entity name.
Click Search to view virtual entities.
The search result corresponding to the search criteria is displayed.
OR
Click Clear to clear the search criteria.
OR
Click Cancel to cancel the transaction.

Field Description

Field Name	Description
Virtual Entity ID	Unique ID assigned to each virtual entity.
Virtual Entity Name	Name of the virtual entity corresponding to the entity ID.
Entity List
Virtual Entity ID & Name	Entity ID and name corresponding to the search criteria.
Virtual Entity Type	Type of the entity, whether the entity is Individual or Corporate.
Creation Date	The virtual entity creation date.
Mapped Virtual Accounts	Count of all the child accounts mapped to the virtual entity.
Status	Status of the virtual entity, whether the virtual entity is active or closed.

Click the Virtual Entity ID & Name link to view the virtual entity details. The Virtual Entity - View screen appears.

Field Description

Field Name	Description
Virtual Entity Information
Virtual Entity Type	Type of the entity, whether the entity is Individual or Corporate.
Virtual Entity ID	Unique ID assigned to each virtual entity.
Virtual Entity Name	Name of the virtual entity corresponding to the entity ID.
These fields are displayed if you edit the Corporate entity type.
Corporate Type	The corporate type. The options are: Corporation Co-operative Partnership Sole Proprietorship
Date of Incorporation	Date of incorporation of the corporate.
Country of Incorporation	Country name of the incorporation.
Landline	Landline number of the corporate virtual entity holder.
Mobile	Mobile phone number of the corporate virtual entity holder.
Email ID	Email address of the corporate virtual entity holder. This field is editable.
Preferred Mode	Preferred mode of the corporate virtual entity holder. The preferred mode could be Mobile or Email
Correspondence Address
Address Line 1	The first line of correspondence address of the corporate virtual entity holder.
Address Line 2	The second line of correspondence address of the corporate virtual entity holder.
Country	Country name of the corporate virtual entity holder.
Pin Code	Pin code number of the corporate virtual entity holder.
Mailing Address These fields are displayed if you clear the Same as Correspondence Address check box.
Address Line 1	The correspondence address line 1 of the virtual entity holder. This field is editable.
Address Line 2	The correspondence address line 2 of the virtual entity holder. This field is editable.
Country	Country name of the corporate virtual entity holder. This field is editable.
Pin Code	Pin code number of the corporate virtual entity holder. This field is editable.
These fields are displayed if you select the Virtual Entity Type as Individual.
First Name	First name of the virtual entity holder.
Last Name	Last name of the virtual entity holder.
Date of Birth	Date of the birth of the virtual entity holder.
Gender	Gender of the virtual entity holder.
Nationality	Nationality of the virtual entity holder.
National ID	National ID of the virtual entity holder.
Home Phone	Home phone number of the virtual entity holder.
Work Phone	Work phone number of the virtual entity holder.
Mobile	Mobile phone number of the virtual entity holder.
Email ID	Email address of the virtual entity holder.
Preferred Mode	Preferred mode of the virtual entity holder. The preferred mode could be Mobile or Email.
Correspondence Address
Address Line 1	The correspondence address line 1 of the virtual entity holder.
Address Line 2	The correspondence address line 2 of the virtual entity holder.
Country	Country name of the virtual entity holder.
Pin Code	Pin code number of the virtual entity holder.
Other Details
Identification Type	Identification type of the virtual entity holder.
Identification Number	Identification number corresponding to the identification type.
Tax Identification Number	Tax identification number of the virtual entity holder.
KYC Required	Indicates whether KYC is mandatory.
KYC Status	KYC status of the virtual entity holder, whether KYC is verified or yet to verify.
KYC Reference	KYC reference number.
Last KYC Date	Last date on which the KYC was verified.
Statement Preference	Statement preference of the virtual entity. The statement preference could be consolidated or account level.
Frequency	Statement frequency of the virtual entity holder.
Due On	Due date of the next statement.
Mapped Virtual Accounts	Count of all the child accounts mapped to the virtual entity.

Click Edit to modify and update the virtual entity.
OR
Click Delete to delete the virtual entity.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate back to previous screen.

Edit Virtual Entity

To edit virtual entity:

Navigate to the View Virtual Entity screen.
In the Virtual Entity ID field, enter the unique id of the virtual entity whose details you want to edit.
OR
In the Virtual Entity Name field, enter the name of the virtual entity whose details you want to edit.
OR
Click the desired record under the Virtual Entity ID & Name column. The record details are displayed.
Click Search. The search results appear based on the search parameters defined.
OR
Click Clear if you want to reset the search parameters.
OR
Click Cancel if you want to cancel the transaction
Click Edit. The Virtual Entity - Edit screen is displayed.

Field Description

Field Name	Description
Virtual Entity Information
Virtual Entity Type	Displays the type of the entity, whether the entity is Individual or Corporate.
Virtual Entity ID	Displays the unique ID assigned to each virtual entity.
Virtual Entity Name	Name of the virtual entity corresponding to the entity ID. This field is editable.
These fields are displayed if you edit the Corporate entity type.
Corporate Type	The corporate type. The options are: Corporation Co-operative Partnership Sole Proprietorship This field is editable.
Date of Incorporation	Date of incorporation of the corporate. This field is editable.
Country of Incorporation	Country name of the incorporation. This field is editable.
Landline	Landline number of the corporate virtual entity holder. This field is editable.
Mobile	Mobile phone number of the corporate virtual entity holder. This field is editable.
Email ID	Email address of the corporate virtual entity holder. This field is editable.
Preferred Mode	Preferred mode of the corporate virtual entity holder. The preferred mode could be Mobile or Email. This field is editable.
Correspondence Address These fields are displayed if you clear the Same as Real Entity check box.
Address Line 1	The first line of correspondence address of the corporate virtual entity holder. This field is editable.
Address Line 2	The second line of correspondence address of the corporate virtual entity holder. This field is editable.
Country	Country name of the corporate virtual entity holder. This field is editable.
Pin Code	Pin code number of the corporate virtual entity holder. This field is editable.
Mailing Address These fields are displayed if you clear the Same as Correspondence Address check box.
Address Line 1	The first line of mailing address of the corporate virtual entity holder. This field is editable.
Address Line 2	The second line of mailing address of the corporate virtual entity holder. This field is editable.
Country	Country name of the corporate virtual entity holder. This field is editable.
Pin Code	Pin code number of the corporate virtual entity holder. This field is editable.
These fields are displayed if you select the Virtual Entity Type as Individual
First Name	First name of the virtual entity holder. This field is editable.
Last Name	Last name of the virtual entity holder. This field is editable.
Date of Birth	Date of the birth of the virtual entity holder. This field is editable.
Gender	Gender of the virtual entity holder. The options could be: Male Female Other Prefer Not to Disclose This field is editable.
Nationality	Nationality of the virtual entity holder. This field is editable.
National ID	National ID of the virtual entity holder. This field is editable.
Home Phone	Home phone number of the virtual entity holder. This field is editable.
Work Phone	Work phone number of the virtual entity holder. This field is editable.
Mobile	Mobile phone number of the virtual entity holder. This field is editable.
Email ID	Email address of the virtual entity holder. This field is editable.
Preferred Mode	Preferred mode of the virtual entity holder. The preferred mode could be Mobile or Email. This field is editable.
Correspondence Address These fields are displayed if you clear the Same as Real Entity check box.
Address Line 1	The first line of mailing address of the virtual entity holder. This field is editable.
Address Line 2	The second line of mailing address of the virtual entity holder. This field is editable.
Country	Country name of the virtual entity holder. This field is editable.
Pin Code	Pin code number of the virtual entity holder. This field is editable.

Click Next.
OR
Click Cancel to cancel the transaction.

Field Description

Field Name	Description
Other Details
Identification Type	Identification type of the virtual entity holder. This field is editable.
Identification Number	Identification number corresponding to the identification type. This field is editable.
Tax Identification Number	Tax identification number of the virtual entity holder. This field is editable.
KYC Required	Indicates whether KYC is mandatory. This field is editable.
KYC Status	KYC status of the virtual entity holder, whether KYC is verified or yet to verify. This field is displayed and editable if you select the KYC Required option.
KYC Reference	KYC reference number. This field is displayed and editable if you select the KYC Required option.
Last KYC Date	Last date on which the KYC was verified. This field is displayed and editable if you select the KYC Required option.
Preferences	Statement preference of the virtual entity. The statement preference could be Consolidated or Account Level. This field is editable.
Frequency	Statement frequency of the virtual entity holder. This field is editable.
Due On	Due date of the next statement. This field is editable.

Click Submit.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate to the previous screen.
The Review screen appears. Verify the details and click Confirm.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate to the previous screen.
User is directed to Statement Request screen with values in editable form.
The success message of Virtual Entity updation appears along with the reference number. Click Ok to navigate to the application dashboard.
OR
Click Overview to navigate to the virtual account management dashboard.
OR
Click Create Virtual Entities to create virtual entities.
OR
Click Create Virtual Accounts to create virtual accounts.

Delete Virtual Entity

To delete virtual entity:

Navigate to the View Virtual Entity and in the Virtual Entity ID field, enter the unique id of the virtual entity whose details you want to edit.
OR
In the Virtual Entity Name field, enter the name of the virtual entity whose details you want to edit.
OR
Click the desired record under the Virtual Entity ID & Name column. The record details are displayed.
Click Search. The search results appear based on the search parameters defined.
OR
Click Clear if you want to reset the search parameters.
OR
Click Cancel if you want to cancel the transaction
Click Delete. The message is displayed prompting for record deletion.

Note: You can delete an entity, only if all the balances of the virtual accounts under that particular entity is zero and closed.

Click Yes to delete the virtual entity. The success message of Virtual Entity deletion is displayed along with the reference number.
OR
Click No if you do not wish to delete the Virtual Entity.
Click Ok to navigate to the dashboard screen.
OR
Click Go to Dashboard to navigate to the dashboard screen.

FAQs

Can I create multiple Virtual Entities?

Is it necessary to create a Virtual entity in order to create a Virtual Account?

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