A service to enable destination banks to validate their account-holders’ mandates, on the occasion of an ECS debit instruction being presented to the bank.

This unique, fully online service increases process efficiency, reduces turnaround and cost, and completely eliminates errors that can be caused by the manual handling of mandates.

The current process of mandate retrieval has the following drawbacks:

• Destination banks need to manually refer to, and validate, mandates (physical copies) before allowing an account debit
• Paper based storage and retrieval is expensive and manpower-intensive
• Manual validation of mandates could lead to errors – a source of substantial reputational and customer-attrition risk

Features:

• Retention and digitization of mandates received from destination bank
• Facilitates online viewing and validation of mandates by destination banks via logging on to a centralized, industry-strength platform
• Automated generation of an output file, on the basis of availability of mandates
• Integration of output files with destination bank’s core banking application for balance checking
• Generation of updated final file to clearing house from our in-house application

Benefits:

• An end-to-end seamless, cost effective service that not only allows electronic mandate validation by destination banks, but also enables fund reconciliation, file formatting and transfer to the clearing house in order to process the ECS debit instruction
• Access to focused, trained staff
• No operational and infrastructure set up required
• Electronic storage at a central point reduces turnaround times, leading to a substantial increase in productivity
• Reduction in validation errors
• Clients benefit from our certified security and process frameworks – access to information only by authorized personnel, on a ‘need to know’ basis, and processes designed to achieve client satisfaction, everytime