Yes Bank Launches APIs for Corporate Debit Mandates
India’s Yes Bank has announced the launch of an end-to-end process for corporates to accept National Automated Clearing House (NACH) Debit mandates from customers through online banking. With the Indian payment industry entering the next level of transformation with the National Payments Corporation of India’s (NPCI’s) NACH, Yes Bank aims to fully support the clearing service by providing corporates with APIs to integrate with their payment systems to accept online NACH mandates at their respective payment gateways instantly.
The API e-Mandate requires integration between corporate clients, NPCI and the bank’s Retail Net Banking platform through APIs. Through API based e-Mandates, corporate clients of the bank will be able to secure NACH Debit Mandate – the one-time payment instruction from their customers through an online interface, thereby reducing dependency on the current paper-intensive process.