Express Computer
Home  »  News  »  YES BANK introduces API-based Digital NACH on-boarding for Corporate Clients

YES BANK introduces API-based Digital NACH on-boarding for Corporate Clients

With the National Payments Corporation of India’s (NPCI’s) National Automated Clearing House (NACH), YES BANK aims to fully support the new clearing service aiding corporates with APIs to integrate with their payment systems to accept online NACH mandates at their respective payment gateways instantly

0 1,202

YES BANK, India’s 4th largest private sector bank announced successful launch of end-to-end process for corporates to accept NACH Debit mandates from its customers through Net banking.

With the Indian payment industry entering the next level of transformation with the National Payments Corporation of India’s (NPCI’s) National Automated Clearing House (NACH), YES BANK aims to fully support the new clearing service aiding corporates with APIs to integrate with their payment systems to accept online NACH mandates at their respective payment gateways instantly.

API eMandate requires integration between Corporate Clients, NPCI and the Bank’s Retail Net Banking platform through APIs. Through API based e-Mandates, corporate clients of the bank will be able to secure NACH Debit Mandate i.e. one-time payment instruction from their consumers/users through an online interface, thereby reducing dependency on the present paper intensive process.

Commenting on the development, Ajay Rajan, Group President and Global Head Transaction Banking Sales, YES BANK said, “Since inception, YES BANK continues to lead in the API Banking space. In our continuous endeavor to provide best-in-class ‘digital first’ service to our customers, we are pleased to launch e-mandate using APIs becoming 1st bank to introduce API based Digital NACH on-boarding for Corporate Clients. With the introduction of this service, we are not only heralding a new chapter in automating everyday transactions & payment work-flows of thousands of corporate clients associated with us, but also ensuring that we as a Bank achieve significant operational efficiencies through digitization of critical client-facing processes.”

NACH Debits has vide applicability across client segments like Utility Companies, NBFC, Insurance, Mutual Funds, and Education Institutes etc. The bank aims to leverage API based e-Mandates to enable significant cost and operational efficiencies for banks and corporates vis-à-vis the existing paper based process. For instance, under the paper based NACH Debit registration process mandate, registration can take anywhere between 15 to 20 days while under the API based process the mandate registrations will be done in 2 days from online authentication by the consumer.

Introduction of API e-Mandates follows e-Mandate introduced by NPCI after the eSign (Aadhar) based version, where YES BANK has already gained leadership position in the industry.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

LIVE Webinar

Digitize your HR practice with extensions to success factors

Join us for a virtual meeting on how organizations can use these extensions to not just provide a better experience to its’ employees, but also to significantly improve the efficiency of the HR processes
REGISTER NOW 

Stay updated with News, Trending Stories & Conferences with Express Computer
Follow us on Linkedin
India's Leading e-Governance Summit is here!!! Attend and Know more.
Register Now!
close-image
Attend Webinar & Enhance Your Organisation's Digital Experience.
Register Now
close-image
Enable A Truly Seamless & Secure Workplace.
Register Now
close-image
Attend Inida's Largest BFSI Technology Conclave!
Register Now
close-image
Know how to protect your company in digital era.
Register Now
close-image
Protect Your Critical Assets From Well-Organized Hackers
Register Now
close-image
Find Solutions to Maintain Productivity
Register Now
close-image
Live Webinar : Improve customer experience with Voice Bots
Register Now
close-image
Live Event: Technology Day- Kerala, E- Governance Champions Awards
Register Now
close-image
Virtual Conference : Learn to Automate complex Business Processes
Register Now
close-image