E-mandates allow debtors and creditors to exchange mandates in a fully electronic way, presenting advantages for debtors, creditors, creditor banks and debtor banks.
The advantages for creditors include:
The solution allows fully automated end-to-end processing of e-mandates including issuing, amendment and cancellation of such mandates while eliminating the need to deal with a multitude of local, technical or organizational barriers
The e-mandate is agreed on in a secure way
The confirmation of the debtor's right to access the account is specified by the debtor bank
The e-mandate process allows automatic storage and retrieval of e-mandate data
The advantages for debtors include:
The debtor avoids the inconvenience of printing, signing and mailing a paper form to the creditor by using a fully electronic process instead
The e-mandate facility is based on secure, widely used online banking services of the debtor bank; the debtor, therefore, can simply rely on the online banking procedures he is already familiar with.