MF Utility has launched ePayEezz feature enabling investors having common account number, or CAN, to register a one-time bank mandate online without having to submit physical form. This feature leverages the eSign facility available for the Aadhar holders whereby the mandate is electronically signed and transmitted to the destination bank. Currently, there are 40 banks enabled for this facility.
This facility is available for Aadhaar holders who have linked the Aadhaar with the respective bank account as well.
The current limit for the ePayEezz is Rs 1 lakh which is set by National Payments Corporation of India, or, NPCI. CAN holders can register Multiple ePayEezz mandates for the same bank account registered with the CAN.
This facility removes the hurdle of physical submission of paper based PayEezz registration request and the registration turnaround time is drastically reduced five days which was earlier 30 days.
Distributors and Registered Investment Advisers, or, RIAs, who have login access to MFU can initiate ePayEezz registration (DIP – Distributor Initiated ePayEezz) for their clients and CAN holders who have online access can register online by logging into MFU System. This feature will be extended soon for those who have signed up for the application program interface based white labelling integration with MFU.
