NACH Credit is an electronic payment service used by an institution for affording credits to a large number of beneficiaries in their bank accounts for the payment of dividend, interest, salary, pension etc. by raising a single debit to the bank account of the user institution.
Functions on ISO20022 Messaging Standard.
Online Dispute Management System (DMS).
Transaction files status tracking with ACK/NACK.
Allows multiple file processing in a single settlement.
Allows partial file processing resulting in reduced operational efforts.
Availability of Recall option before the settlement of the transaction.
Scalable system with capacity to process 10 million transactions per day.
Scope of services encompass beyond the existing 90 ECS clearing centers.
Secure web access for file upload/download, dissuading the concept of regional NCC/Clearing House submissions.
Allows corporate clients to directly upload files using the Direct Corporate Access (DCA) facility with sponsor bank control.
Corporates can get direct access of the NACH Credit using the DCA facility, making it easier to check the status of their transactions without delay.
Some of the benefits of NACH Credit but not limited to include:
Customized MIS to banks.
Scope of multiple intra-day sessions.
Digitally secured transaction files with 4 eye concept.
Reduced operational cost for the banks and its customers.
Allows online end to end monitoring of the transaction files.
Online Dispute Management System (DMS) allows tracking of the transaction dispute.
Standardization of the process allowing complete audit trail of the transaction lifecycle for a period of 10 years.
DCA facility leads to reduction in workload of the sponsor banks, since the file upload will be done by the corporates themselves.
Effective relationship management with banks as well as corporate customers resulting in enhanced customer service and support.
Yes. Banks and Corporates willing to participate in NACH Credit need to comply with the following requirements as well:
Network connectivity with NPCI (NPCINet or Internet connectivity)
Public Static IP Address for Internet connectivity
Digital Signature Certificate (Class 2 or Class 3)
Signing Tool
Yes. NPCI facilitates the participation of Corporates on NACH Credit through the Direct Corporate Access (DCA) module with sponsor bank’s control.
Yes. Banks require Class 2 Digital Signature Certificates for the individual users. The same can be procured from any of the authorised CAs. Digital Signature Certificate is required for digitally signing the NACH Credit files. In case of Host to Host (H2H) integration, Banks need to procure Class 3 Digital Signature Certificates for the servers.
Yes. Corporates require Class 2 Digital Signature Certificates for the individual users. The same can be procured from any of the authorised CAs. Digital Signature Certificate is required for digitally signing the NACH Credit files.
Yes. Banks require a Signing Tool enabled with PKCS#7 algorithm to participate in NACH Credit.
Yes. Corporates require a Signing Tool enabled with PKCS#7 algorithm to participate in NACH Credit.
Signing Tool is used for the encryption and decryption of the transaction files which are uploaded/download in the NACH Credit. The Signing Tool should be configured with RAW or PKCS#7 algorithm.