The banking industry is witnessing tremendous growth in the NACH mandates as it offers significant advantages to both the financing banks and the borrowers. Banks actively encourage their customers to opt for the NACH route for repayments. Most banks have several EMI cycle dates for processing repayments of retail loans. For in-house customers, i.e., Existing-To-Banks (ETB) clients, Banks directly recover the EMI amount from their accounts within the bank through Standing Instructions (SI) obtained. For other bank accounts, the recovery of EMI is through ECS or NACH Mandate given by the customers or the presentation of post-dated cheques (PDCs).
CHASSIST is an integrated, comprehensive solution to manage NACH mandates and related transactions in an automated and seamless manner ensuring faster and more efficient processing with greater accuracy. This system manages the ECS/NACH mandate registration and transaction workflows, including document storage, with the use of OCR technology encryption, providing seamless integration with NPCI's Mandate Management System and Transaction Processing System. It includes the following modules:
1. End-to-end Mandate Management (Sponsor Bank)
2. End-to-end Transaction Processing (Sponsor Bank)
3. Customized Reports and MIS
CHASSIST offers straight-through processing with minimal manual intervention.