Registered Mandate
Payment Stream
The Registered Mandate Payment Stream offers you a secure, transparent and efficient debit order system whether you are servicing a B2B or B2C market.
Benefits of Registered Mandate (RM)
Non-authenticated Debit Order:
RM allows processing without requiring consumer authentication, streamlining the debit order creation process.
Credit Tracking:
Registered Mandate debit orders that have failed due to insufficient funds, can be automatically represented for up to 10 days until there are sufficient funds to successfully process the debit order or till the number of days selected lapse.
Available for Juristic Accounts:
RM supports debit orders for juristic (business) accounts, expanding payment options.
Real-time Creation and Responses:
RM provides immediate creation and response updates, ensuring timely and accurate payment processing.
How Registered Mandate Works
STEP 01
Agreement with Business or Consumer
#
An agreement is concluded between the consumer/business and the Amplifin client, and the payment terms, which include amount, payment date and term, is agreed upon in the form of a paper, voice or electronic mandate.
STEP 02
Mandate Registration
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A mandate is registered with the consumer/business’s bank, detailing the parameters of the collections that will be processed against the consumer/business bank account, which includes the amount, date and frequency of the collections, ensuring visibility of the mandate for both the Amplifin client and the consumer/business.
STEP 04
Payment in Credit Tracking
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Credit tracking monitors the accounts for sufficient funds to process payments. If a collection fails due to insufficient funds, it’s automatically represented for processing once the funds are available or until the specified number of tracking days has lapsed. Tracking begins immediately upon receiving an insufficient funds response on the initial presentment day and from midday on each subsequent tracking day.
STEP 03
Payment Collection Presented
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On the agreed day, the collection is presented against the consumer/business’s account during the early evening window with real-time responses letting you know which debit orders are paid, unpaid or still in tracking.
STEP 05
Settlement
#
Successfully collected debit orders are settled into the bank account of the Amplifin client on the same day that they are received.
How Registered Mandate Works
STEP 01
Agreement with Business or Consumer
#
An agreement is concluded between the consumer/business and the Amplifin client, and the payment terms, which include amount, payment date and term, is agreed upon in the form of a paper, voice or electronic mandate.
STEP 02
Mandate Registration
#
The Amplifin client registers a mandate with the consumer/business’s bank, detailing the parameters of the collections that will be processed against the consumer/business bank account which includes the amount, date and frequency of the collections, ensuring visibility of the mandate for both the Amplifin client and consumer/business.
STEP 03
Payment Collection Presented
#
On the agreed day, the collection is presented against the consumer/business’s account during the early evening window with real-time responses letting you know which debit orders are paid, unpaid or still in tracking.
STEP 04
Payment in Credit Tracking
#
Credit tracking monitors the accounts for sufficient funds to process payments. If a collection fails due to insufficient funds, it’s automatically represented for processing once the funds are available or until the specified number of tracking days has lapsed. Tracking begins immediately upon receiving an insufficient funds response on the initial presentment day and from midday on each subsequent tracking day.
STEP 05
Settlement
#
Successfully collected debit orders are settled into the bank account of the Amplifin client on the same day that they are received.
What you need to know
Some important things to note about the RM payment stream offering:
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Cost-Effective Collections:
A budget-friendly solution for non-time-sensitive debit order transactions. -
Secure Processing:
Ensures collections take place in a highly secure environment, safeguarding both businesses and Payers. -
Mandate Register:
Mandate parameters are registered with Debtor Banks, giving Payers visibility and amendment notifications, enhancing payment stream transparency.
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Disputability:
All RM Collections are disputable up to 12 months after being collected -
Juristic Accounts:
RM collections can be presented against business accounts or accounts with multiple signatories. -
Credit Tracking:
Supports credit tracking after a debit order fails due to insufficient funds. Failed collections can be re-presented for up to 10 consecutive days.
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Presentment Time:
RM transactions are presented in the early evening, before EFT Debits -
Same Day Presentments:
RM Collections can be created till 11:00 and submitted on the same day (early evening). -
Real-Time Responses
Real-time creation and collection responses.
How would you like to access Registered Mandates?
ALLPS-i
Amplifin’s proprietary platform, ALLPS-i, is an advanced, web-based solution that streamlines payment and collection management. With robust features, ALLPS-i is designed to optimise your payment and collection processes and ensure seamless integration with your existing operations.
Integrated Solutions
We understand that every business has unique needs, which is why we offer flexible integration options. From file-based solutions to real-time web services, we provide smooth integration with a variety of debtor management systems (DMS) and admin platforms.
Ready to Embrace RM?
Let us help you sign up for the Registered Mandate Payment Stream today.