PS-MMS
The Mandate Management System (PS-MMS) is an advanced, innovative medium used by participant banks to manage the lifecycle of mandates and their corresponding scheduled payments. The scheduled payments are only preliminary and are in accordance with the authorized mandate. When their scheduled time is due, the scheduled payments are extracted as Direct Debit payments that are submitted to the ACH system.
PS-MMS facilitates an integrated Direct Debit, end-to-end process in a Straight Through Processing (STP) model, satisfying the requirements of mandate initiation, approval and management, along with related payments scheduling.
PS-MMS also allows participant banks and financial institutions to not only produce and generate Direct Debit transactions from their own premises, but to also manage the entire mandate lifecycle from within the system itself.
- Seamless integration with the Automated Clearing House system
- Compliance with international standards including ISO20022
- Consists of revocable and irrevocable mandates
- Supports recurring payments for mandated Direct Debit payments
- Mandates can be queried, amended or terminated using a set of business processes that allows a relation between creditor and debtor parties
- Supports a variety of deployment models; centralized, distributed, or a hybrid of both
PS-MMS allows the initiation, amendment and termination of mandates, it manages the lifecycle of the mandates themselves, and the payments initiated by them. It also provides a standardized form of mandate information communication across the country, enhancing the experience of electronic mandate management.
Moreover, the system rules the creation of mandates and their corresponding scheduled payments according to the regulations and policies defined in the system. It also allows the user to store important attachments related to the mandates upon their creation.
PS-MMS validates payments against their related mandates, allows the initiation of payments on their due date, and provides the user with the benefits of tracking their payments' status and manual creation of mandates through the UI.