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3. Terminology

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6.3.1 VA Full name: Virtual Banking Account A named virtual bank account generated for users by PayMight’s MiBank. It supports named collection (Named COBO) and named payment (Named POBO) functions, ensuring nominal segregation and compliance management during fund transfers.

6.3.2 COBO Full name: Collect On Behalf Of A virtual account that allows for the collection of funds on behalf of others. Customers with PayMight VA automatically have this collection virtual account.

6.3.3 POBO Full name: Payment On Behalf Of A virtual account that allows for the payment of funds on behalf of others. Customers with PayMight VA automatically have this payment virtual account.

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