MF Utility is launching TransactEezz facility for distributors which enables them to initiate transactions on behalf of their clients without any paperwork. MFU is launching this facility for distributors from November 05. Read on to find out how it works.
Should you register with MFU for using this facility?
No. Distributors who have signed up with MFU can start using this facility without any registration.
Should your clients register with MFU for using this facility?
No
Do your clients need a Common Account Number (CAN) for you to use this facility?
Yes, your clients need a CAN for you to use this facility. As of now, only you can initiate transactions for individual clients.
Are there are any charges for you to enroll for this facility?
No
What type of transactions can you execute?
As of now, you can initiate purchase, redemption, switch, STP & SWP transactions.
How to initiate transactions?
Your clients can request you to execute a transaction on their behalf by a phone call, email, SMS, FAX, or in-person.
Will you have to approve each transaction from your client?
Yes, an SMS or email link will be sent to your client every time you initiate a transaction, which will have to be approved by your client within 24 hours.
What will be the time-stamp for the transaction?
The transaction will be time-stamped by MFU the moment your client accepts the transaction.
Can your client use a bank account to execute a transaction which is not registered with MFU?
No. Transactions done through bank accounts which are not registered with MFU will be rejected.
What is the process of doing transactions?
- You will enter the transactions in MFU system and submit the same
- Client receives an SMS or email
- Client verifies the transaction and approves the same by responding to the SMS or clicking the email link
- The transaction is time-stamped
- Client initiates the payment
- For subscriptions, MFU receives the credit into the MFU Escrow Account and transfers the money to the AMC scheme accounts
What NAV will be applicable?
NAV is allotted according to the transaction time-stamp and the receipt of money into the AMC scheme account.
Can your client modify the transaction details entered by you?
No. Only you can modify the transaction and a fresh SMS/email link will be sent to your client for approval.
