MF Utility has launched ePayEezz feature that claims to bring down the turnaround time for registration to under 5 days from the current 15 to 30 days. CAN holders can register a one-time bank mandate online without having to submit physical form. This feature uses the eSign facility available for the Aadhaar holders whereby the mandate is electronically signed and transmitted to the destination bank.
Currently, 40 banks are enabled for this facility. The current limit for the ePayEezz is Rs.1 lakh as set by NPCI.
“CAN Holders can register multiple ePayEezz mandates for the same bank account registered with the CAN. The introduction of ePayEezz is likely to draw more interest amongst the CAN Holders as the same removes the hurdle of physical submission of paper based PayEezz registration request and the registration turnaround time is drastically reduced to around 5 days which was earlier used to be around 30 days,” the press release stated.
The distributors and RIAs who have login access to MFU System can initiate ePayEezz registration (DIP – Distributor Initiated ePayEezz) for their customers and CAN holders who have online access can register online by logging into MFU System. The company is planning to extend this service for those who have signed up for the API / White Labelling based integration with MFU.
