In a bid to help large and small enterprises to collect recurring payments from their customers – aimed at slashing costs and bringing about accountability in payment processes – eMudhra has announced the launch of an Aadhaar eSign-based gateway called ‘National Automated Clearing House’. E-Mudhra is a leading player in the secure digital identity and transaction management space.
This solution will aim at facilitating paperless electronic transactions which are repetitive and periodic in nature, simplifying activation time for all parties. “95% of transaction-related costs will now be slashed, making it one of the most comprehensive and time-saving propositions for enterprises. The solution will also remove geographical barriers and bring about efficient banking for the customers,” the company said in a press release here.
“eMudhra has been a pioneer in bringing new innovations to the market and fully supports the government’s Digital India vision. The eSign-based NACH is one such transformational initiative that is expected to drive huge cost savings to the ecosystem and promote the drive to move digital and cashless. We’re working with the NPCI and various central and state government bodies to help simplify payments and bring about digital inclusiveness. Our new offering is going to bring about huge cost savings and reduce massive complexities across multiple players,” eMudhra chairman V Srinivasan said.
eMudhra has been working with several banks in this transformational initiative and expects to handle over 25 to 30 million transactions in the next one year. The company wants to enable large and small enterprises such as banks, financial institutions, insurance companies, mutual funds, fintech firms, etc. to collect recurring payment instructions from customers without the need for submitting physical forms and go paperless. “Any such organization can avail this facility from eMudhra in less than 30 minutes,” it claims.