eMudhra launches Aadhaar eSign-based digital clearing for recurring payments

|September 12, 2017 0

BANGALORE, INDIA: Digital identity and transaction management solutions provider, eMudhra has launched Aadhaar eSign-based National Automated Clearing House (NACH) gateway with National Payments Corporation of India (NPCI) – which aims to help large and small enterprises to collect recurring payment instructions from customers without the need for submitting physical forms.

The solution aims to facilitate paperless electronic transactions which are repetitive and periodic in nature simplifying activation time for all parties, remove geographical barriers and bring about efficient banking for the customers.

Aadhaar eSign-based NACH mandate will offer considerable benefits in terms of legal non-repudiation, significantly lower costs and eliminate errors since the entire process is now digital. About 95% of transaction related costs will now be slashed, making it one of the most comprehensive and time saving proposition for enterprises, said the company.

“An eSign-based NACH is one such transformational initiative that is expected to drive huge cost savings to the ecosystem and promote the drive to move digital and cashless. We’re working with the NPCI and various central and state government bodies to help simplify payments and bring about digital inclusiveness. Our new offering is going to bring about huge cost savings and reduce massive complexities across multiple players,” said eMudhra’s Chairman V. Srinivasan.

eMudhra has been working with several banks in this transformational initiative and expects to handle over 25-30 million transactions in the next one year.

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