eNACH - Electronic NACH
With the growing promotion of digital payments by Govt of India, NPCI has introduced a new channel for effectively undertaking recurring collection requests. The channel of eNACH, like a traditional method, not only performs collections through the debit instructions on NACH system, it also ensures that the need for paper based mandates is done away with. The customer doesn’t need to present a signed mandate paper, rather the customer shall provide online authentication for processing of mandate.
Objectives of the product:
- Creation of self-authenticated mandate by the customer on an electronic channel
- Auto acceptance of mandate
- Secured and assured mandate acceptance
Key Benefits
- No need to change physical mandates to e-mandates
- Reduced TAT for mandate acceptance
- 24 X 7 capability for mandate registration directly from website
- Real time mandate signup by the end customer
