Published on February 24, 2014
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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