UBI to implement Mandate Management System
Union Bank of India is implementing a Mandate Management System based on NPCI’s National Automated Clearing House (NACH) platform and ONUS Mandates with the intention of becoming a key player in the mandate management market and facilitate the bank to migrate from paper-based collections and payments platform to digital collections and payments platform. It is working on setting up a centralized web-based system at its data center in Mumbai and at the DR site in Bengaluru. The key modules of the system would be mandate registration module as sponsor bank, mandate transaction module as sponsor bank, mandate registration module as destination bank and mandate transaction module as destination bank. The bank is looking for a system that should be capable of being parameterized with flexibility to handle client and product masters. At present, the bank is using third-party services on an opex model. The bank is looking for a service provider to implement the project in its totality and undertake migration of all the existing data to the new system.