Paycorp Solutions Private Limited and Dhanlaxmi Bank have become the first in India to offer API-based E-Mandate using AADHAR authentication of recurring payment mandates to customers. A recurring payment mandate is permission granted by the payer to the receiver to automatically debit his/her account for a specific value at a specific frequency. The customer needs to authenticate themselves while granting such permission. The authentication can be done by different options of which AADHAR-based authentication is the most preferred one.
Till now, paying customers had to go through an indirect mechanism of AADHAR-based authentication through 3rd party authentication service providers. This mechanism was less efficient and it delayed the process by days causing inconvenience to the payer and the receiver. The involvement of 3rd party also made it an expensive option for the banks.
Paycorp and Dhanlaxmi Bank raced ahead to address this issue by implementing the API-based E-Mandate using AADHAR authentication whereby the authentication is easy, instantaneous, and void of 3rd party.
“At Dhanlaxmi Bank, we keep customer convenience at the core of our strategy to grow our business rapidly. We always look up to technology solutions to aid our market leadership aspirations. Paycorp Solutions provides innovative, cutting-edge solutions for customer convenience and efficiency to lead the banking market landscape. We are extremely proud that together we are the first to implement this API-based E-Mandate AADHAR authentication solution” says Mr Shivan J K, Managing Director &CEO of Dhanlaxmi Bank.
“Hassle-free, instant execution of transactions is the norm today. Recurring payment offers hassle-free auto-payment of regular dues to customers. The user experience for setting up permission (mandates) for such regular payments needs to be simple, instant, and hassle-free too. The AADHAR-based setup used to take 3 days to complete. We have now simplified this process to instant setup. We expect the volume of recurring payments to grow substantially with an additional level of convenience to the customer”, says Mr. Balaji Jagannathan, Chief Executive Officer, Paycorp Solutions Private Limited.