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Paycorp Retail Mandates (SI)

customers can now receive or make payments in bulk from any bank account to any bank account in the country

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Retail Mandates (SI) in Easy steps

Let us assume the scenario of setting up salary payments to employees. Let us assume that Salary payment is made by the corporate from a specific bank account.

Step 1

Corporate accountant signs into Paycorp.io and initiates a mandate setup process.

Step 2

Accountant initiates the EMandate to debit their bank account and credit their employees accounts at different banks. This can be set up through bulk upload process whereby all the credit account details are uploaded and pre-configured.

Step 3

When the corporate authorises the mandate, Paycorp.io submits the mandate to their sponsor bank, which can be different from the bankers of the recipients or the payer.

Step 4

The credit account and the debit accounts are verified by the respective banks through the NPCI’s API Mandate authorisation process and the mandate is set up.

Step 5

Paycorp.io automatically initiates the funds transfer process as per the SI mandate, through its sponsor bank. The payer and recipient banks complete the funds transfer process referring to the SI mandate.

Why Retail Mandates

Any Bank to Any Bank

Choose any payer bank and the recipient bank. Paycorp.io can setup the mandate

Convenient

Upload mandate details as a file upload and save time and effort.

Auto Payment

Once Paycorp.io sets up the SI Mandate, we auto-generates the transfer request on due date. We even notify the payer in advance to maintain sufficient balance.

Retail Mandates can be registered quickly with paycorp.io

Retail Mandates Lodgement

Corporate creates/pre-fills the mandate details into paycop.io to notify the customer. Mandate details can be entered through UI/CSV file upload/API.

Customer Notification

Customer will get Email/SMS notification containing shortened URL link of paycorp.io customer authorization page. Customer clicks on the link and choose Net Banking/Debit card option to continue with authorisation.

Mandate Authorization

Customer will be redirected our eSign Service Provider (ESP) to enter the Aadhaar Number/VID and OTP. On successful KYC verification, eSigned mandate will be submitted to NPCI through the corporate’s Sponsoring Bank. A Unique Mandate Reference Number (UMRN) is assigned to the mandate for future reference.

Retail Mandates Customers

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Mandates Subscriptions

paycorp.io

API Retail Mandates

  • Unlimited Mandates
  • Dashboard & Reports
  • Basic API
  • Net banking/Debit card Authentication
  • 24x7 Customer support
  • Monthly Billing
  • Insights & reports
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paycorp.io

Retail Mandate

  • Unlimited Mandates
  • Dashboard & Reports
  • Basic API
  • Aadhaar OTP Authentication
  • 24x7 Customer support
  • Monthly Billing
  • Insights & reports
Sign Up for Pricing
Why wait Sign up now!
paycorp.io

Transaction file Presentment

  • Transaction files .xls, .csv .txt
  • Dashboard & Reports
  • Basic API
  • 24x7 Customer support
  • Monthly/Annual Billing
  • Insights & reports
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Frequently Asked Questions

What is SI Mandate?

SI mandates are payment mandate mechanisms whereby any bank can be used as a channel to set up mandates between any two banks within India. The mechanism is intended to provide convenience and control to corporates who have multiple banking relationships.

How does SI Mandate work?

SI mandates are very similar to standard eMandate setup for recurring payment. The only difference is that the SI Mandates can be initiated through any bank and set up between any two bank in the country.

How to set up SI Mandate?

You can initiate a mandate request seeking authorization by your customer and forward the emandate, duly authorized by your customer to your banker. The mandate shall contain both the payment origination bank and destination bank. Your bank will be able to set up the mandate between the two banks through NPCI.

Do I need a bank utility code to set up SI Mandate?

Yes. Bank Utility code is necessary for all types of mandates, including SI Mandates

Can I process payments through Paycorp.io after setting up SI Mandate?

Yes. You can set up SI Mandates through Paycorp.io, once the SI Mandates is rolled out by NPCI. The rollout is expected shortly.

How will I know if the SI Mandate set up is successful or not?

Once the SI Mandate is setup successfully, paycorp.io will send out a notification to the corporate and the customer through SMS, Email.