Updated: Aug 31
Payments gateway company enables 3,00,000+ growing businesses in India and across the globe to collect payments.
Manage international payments for these businesses.
RBI’s new auto-debit rules made Cashfree turn to 91social for a regulation-compliant mandate management system.
Mandate Management System is a service that mediates the process of creation, amendment, and cancellation of Mandates. A mandate is a standing signatory to a bank to debit a client's account periodically, a creation of a new mandate takes place in favor of the institution the user is opting for. The very mandate management system can be incorporated with other systems and enhance the database whenever a user makes a purchase call from vendors listed on this company.
APIs integration with the mandate management system to process customers’ calls.
API-based mandates are those that are via the web and require the customer to authenticate their credentials digitally. When a customer submits a request through the merchant site, the application performance interface redirects the browser to the destination bank for authentication via Company's mandate management system.
Reconciliation software tuning to their global network of payouts and changing RBI guidelines.
Reconciliation software centralizes and automates the financial close process for businesses. To quickly reconcile accounts, the software pulls data from the general ledger and compares it to bank statements and customers’ financial data. The work of this company reconciliation software is to notify the mandate created on each call to users by displaying the debit notification and financial reconciliation on their interfaces. The most recent RBI’s guidelines by October 1, 2021, being the necessity for card-issuing banks are now required to send a pre-debit message to alert customers 24 hours before the payment due date.
These changes brought major performance and cost advantages at the same time
Regulation-compliant mandate management system in less than 2 months.
Payment reconciliation systems that can support a transaction volume of INR 500Mn/day.
A configurable bank-onboarding solution that can help onboard a banking partner instantaneously.
150k+ merchants onboarded.
200 million + accounts served with payouts.