MMS
APT-MMS
- Project Name: APT-MMS
- Category: Banking
- Start Date: 25-jan-2017
- Status: Complete
- Project Ranking:
NACH & MMS
Mandate Management System (MMS) is an essential part of National Automated Clearing House (NACH) service. The Mandates are necessary from the regulatory perspective in order to process NACH transactions. As a step towards streamlining the process and making it more customer and participant -friendly, Bank has implemented the MMS,where mandate information is captured on a standard cheque like mandate form and presented to National Payment Corporation of India for onward presentation to destination Bank as mentioned in the IFSC. This mandate will be registered both in sponsor bank i.e. Dena Bank and destination bank. Each mandate will be identified by a UNIQUE MANDATE REFERENCE NUMBER (UMRN) for future reference that will be used for amendment or cancellation of the mandates.
Salient Features:
- Repayment of EMIs from other Bank account has become easier.
- Mandates Sponsored from our Bank is forwarded through NPCI to the destination Bank.
- Once Accepted the Mandate is registered at Sponsor Bank, NPCI as intermediary and Destination Bank.
- Customer need not remember period of payment as he/she can inform the Bank about the frequency of the payment i.e. Monthly, Quarterly, Half Yearly etc.
- The acceptance / rejection of mandates are as per the defined return codes, the sponsor bank can contact the customer and represent the mandate again.
- The customer can amend / cancel the mandates at any given point of time.
