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 eMandates, 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.
The bank aims to leverage API based eMandates to enable cost and operational efficiencies for banks and corporates in regards to 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 two days from online authentication by the consumer.
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