Mandate Management System
PS-MMS
PS-MMS is an advanced, centralized system installed at the Central Bank/Clearing House to manage the life cycle of mandates in a paperless environment. PS-MMS provides a fully-automated and streamlined process for mandate management endorsed with a digital signature. PS-MMS provides various features that satisfy the requirements of mandate initiation, amendment, cancellation, deferment, continuation, transfer, enquiry and payment verification.
PS-MMS allows consumers to produce and generate Direct Debit transactions in real-time.
Key Features
- Seamless integration with the Automated Clearing House system
- Compliance with international standards including ISO20022 (MX)
- Mandates can be initiated, amended, cancelled or enquired about by the Creditor or Debtor
- Mandates can be transferred from one bank to another by the Creditor or Debtor
- Mandates can be deferred and then continued by Debtors
PS-MMS provides a new secure and convenient alternative to managing mandates with advantages for all parties:
For Banks
- Provision of new services for clients
- Reduction in overhead costs
- Increased revenue channels
- Automatic storage and retrieval of mandate data
- A new paperless mandate management environment
For Corporations
- Reduction in turnaround time for customers
- Ultramodern service that provides competitive edge
- Reduction in overhead costs
- A new paperless mandate management environment
For Consumers
- Hassle-free and time-efficient method of managing payments
- Reliance on familiar banking procedures
- Reduced risk of fraud
