The National Automated Clearing House (NACH) mandate was released by the National Payments Corporation of India (NPCI). NPCI implemented a web-based solution to enable direct debit and direct credit transactions across businesses and consumers while eluding the high priced credit card payment networks and processing fee of paper based checks.
NACH, helps in direct saving of transaction fees ensuing profits for the stakeholders involved. It is mainly used for making high volume, low value debit/credit transactions that are recurring in nature. It supports two types of transactions one is Direct Credit and other is Direct Debit.
Mandate management is a solution designed according to the guidelines of NPCI that helps in creation, amendment and cancellation of mandates for NACH debit and credit transactions. It is an online system to handle incoming data from destination after being processed and validated as per NPCI.
Nelito has developed an online application that acts as a bridge between the bank and NPCI so that end-to-end operations for NACH mandates are met. The system has been designed according to the guidelines and standards of NPCI. The solution helps in reconciliation of mandates. The security and other standards are also maintained as per NPCI. Member banks can build their own solutions to address specific corporate and user needs for mandate management, thus ensuring better efficiency in customer service through a predominant mandate management system.
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