National Automated Clearing House (NACH) an Overview by VSoft

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Information about National Automated Clearing House (NACH) an Overview by VSoft
Business & Mgmt

Published on February 24, 2014

Author: VSoft-India



VSoft Technologies a leading Banking and Payments solutions provider for banking and Financial Institutions gives an over view of Cetrum Mandate enabled ACH Payments System and NACH platform of NPCI.

NACH Mandate Management An Overview VSoft Technologies Pvt. Ltd.

NPCI – NACH Objectives A Centralized Platform across the country  Harmonizes Standard & Practices in ACH Payments  Consolidates  Provide 2 multiple ECS Systems across the country National footprint to all CBS enabled banks.

NACH System Overview • Facilitates interbank, high volume, electronic transactions which are repetitive and periodic in nature. • NACH Credit: Distribution of subsidies, dividends, interest, salary, pension etc. • NACH Debit: Collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium etc. • Participants: Banks, Financial Institutions, Corporate and Government 3

NACH Process Flows

Mandate Initiation: Sponsor Bank Customer Initiates Mandate through Corporate Sponsor Bank Initiated Mandate Flow 1 Verification & approval of mandates Destination Bank 7 Corporate Corp. sends 2 mandate to Sponsor Bank 12 Updates corporate with details Returns Files 8 Send to NACH Mandate status updated in NACH 9 10 Mandate Status Updated 11 Back-end Digitization of physical mandates 5 Files Sent to Destination Bank 6 NPCI NACH Network Returns file sent to Sponsor Bank 3 Sponsor Bank 4 5 Data & Image files sent to NACH UMRN generated by NACH System

Mandate Initiation: Destination Bank Destination Bank Initiated Mandate Flow Customer Initiates Mandate through Destination Bank 1 Corporate 2 Corp. updates database & sends 8 confirmation response to sponsor bank. Confirmation of mandate status sent to Destination Bank 11 Destination Bank 3 Updates 7 corporate with details Mandate status updated in NACH 10 Sponsor Bank updates database & sends confirmation 4 6 6 Verified image/data sent to NACH NPCI NACH Network 9 Verification & approval of mandates Back-end Digitization of physical mandates Sponsor Bank 5 Verified files sent to Sponsor Bank UMRN generated by NACH System

Centrum Mandate Enabled ACH Payments System

Product Vision 8

Overview of Features End-to-end Solution Image Based Mandate Management Module ACH Transaction Management Module Fully Compliant with NPCI Guidelines Easy Administration • • • Common Console for user setup and security configuration Configurable Product-based ACH transaction processing Corporates and Corporate Users setup Comprehensive Mandate Management • • • • • Initiation and acceptance of mandates Compliant with multiple scanner types Intelligent image analysis, auto repair & duplicate detection Outward and inward mandate management MIS & Analytics Comprehensive ACH Transactions Management • • • • Outward and inward ACH transaction management Wide range of transaction types – ACH, APBS, ECS and EBT Rich MIS & Analytics ISO 8583 Compliant Interface to CBS for ACH transaction posting Value Added Services 9 • • • • • • Corporate Interface for Direct Mandate Upload Net position monitoring facility for Corporates Automated alerts and feedback for Corporate users

Product Roadmap Version 2.0: Product Feature Evolution • Charges Module 10 Version 1.0: • Mandate Management – O/w & I/w processing – Lifecycle Management – Archival & Research • Transactions Management – O/W & I/W processing – Archival & Research • Corporate Access – Status Reports – Transaction upload – Itemized reports – Charges logic – Invoicing • End user alerts – sms alerts – email alerts • Customized Process Flows

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