eSign based E-Mandate
Mandate management system (MMS) is a part of NACH services. The mandates are necessary from the regulatory perspective in order to process the debit transactions. As a step towards streamlining the process and making it more customer and participant friendly eSign Mandate functionality has been proposed. With the implementation of NACH Debit ‘eSign Mandates’ rejections due to customer signature mismatch rejections can be eliminated.
The eSign mandate is a new and innovative electronic signature service which can facilitate an Aadhaar holder to digitally sign a document within seconds. The signatures generated by eSign are legally valid and secure under the IT Act, 2000. The eSign service allows any Aadhaar holder to digitally sign any document from anywhere, thus improving the efficiency by enhancing user convenience. The e-Sign mandate system facilitates issuance and confirmation of mandate by the customers through alternate channels to paper based mandate. The mandate will be routed by the destination bank after authentication to the sponsor bank or by corporate through their sponsor bank to the destination bank with the attributes of customer authentication depending upon the variant of e-Mandate.
Objectives of eSign E-Mandate are
- Creation an authenticated mandate by the customer himself through electronic channels.
- Shorter mandate acceptance cycle or auto acceptance of mandates.
- Secured and assured mandate acceptance -mandates are initiated by the customer or his banker.
The system will leverage on Core-Banking Solution (CBS) of participating banks for initiation of mandates and posting of transactions. NPCI will be running the centralized services.
eSign eMandate Process flow diagram
Below diagram describe the process flow of E-Mandate through eSign.
SOFT-TECH eSign E-Mandate Features
SOFT-TECH Solutions provide eSign based eMandate solutions. eSign based E-Mandate is a payment service initiated by RBI and the National Payments Corporation of India (NPCI). It provides the underlying infrastructure for businesses to collect recurring payments in India. SOFT-TECH eSign based e-Mandate validator tool provide the platform for verification of inward e-Mandate by aadhaar number and Sign & verify digital signature.
- Destination Bank, on the request of the customer, should register the customer’s Aadhaar numbers with Bank’s digital signature validation database.
- Destination bank as part of the mandate approval process should validate the eSign xml form and data file based on the data submitted by the Sponsor Bank through NACH.
- SOFT-TECH Solutions eSign mandate validator software is digital signature validation engine to validate the eSign xml form received from NACH.
- Destination Bank will upload the e-sign files into the eSign E-Mandate validator.
- The eSign E-Mandate validator will perform all necessary checks as per NPCI guidelines automatically after manual upload of the same into the system as per NPCI Circular.
- It also does conversion of CBS data into hashes for comparison of Aadhaar data with the data received from NPCI.
- Accept/ Reject icons facility along with reject reason codes as required by NPCI for validation of Aadhaar number.
- Display of e-sign and CBS data for mandates that have been rejected with reasons.
- E-Mandates that have rejected by validations shall be automatically pushed into the rejected mandates bucket.
- Generation of inward/reject mandate report.
If you are interested in our Front end development services, please contact us on info@soft-techsolutions.com
