About Chassist
Chassist is a fully integrated surround system developed by SimSol Technologies and Services Private Limited (SimSol) to support banks and NBFCs to manage end-to-end NACH/ECS transactions in a secure environment with operational controls, workflows and well-defined processes.
The banking industry is witnessing tremendous growth in NACH mandates, as they offer significant advantages to both financing banks and borrowers. Banks actively encourage their customers to opt for the NACH (National Automated Clearing House) route for repayments. Most banks have several EMI cycle dates for processing repayments of retail loans. For in-house customers, i.e., Existing-To-Banks (ETB) clients, Banks directly recover the EMI amount from their accounts within the bank through Standing Instructions (SI) obtained. For other bank accounts, the recovery of EMI is made through ECS or NACH mandate provided by the customer, or by presenting post-dated cheques (PDCs).
Chassist is an integrated, comprehensive product solution to manage NACH mandates and related transactions in an automated, seamless manner, ensuring faster and efficient processing with greater accuracy. This system manages the ECS/NACH mandate registration and transaction workflows, including document storage, with the use of OCR technology encryption, providing seamless integration with NPCI's Mandate Management System and Transaction Processing System.
Chasssist Modules
1. End-to-end Mandate Management (Sponsor Bank)
2. End-to-end Transaction Processing (Sponsor Bank)
3. Integration with the Loan Management System (LMS) and other internal vendor systems
4. H2H Seamless Integration with NPCI system using APIs
5. Integration with Email and SMS gateways of the bank for triggering Notifications
6. Customized Reports related to mandate and transactions management
Salient features
1. Workflow connecting all the stakeholders
2. OCR support to validate mandate data
3. Straight through processing (STP) with minimal manual intervention
4. Reconciliation
5. Integration with LMS, CBS, and other applications using APIs
6. e-Mandate gateway
7. Highly secured and scalable
8. Mobile support
Mandate Registration Process
1. Submission of NACH Mandate to the sponsor bank by the Borrower
2. Seamless flow of Loan Account details for Mandate Registration from bank's source system to Chassist.
3. Matching and validation of loan data to ensure data completeness and accuracy.
4. A facility to upload scanned images of the mandate registration form.
5. Auto-validation of loan data from the source systems using the state-of-the-art OCR (Optical Character Recognition) technology.
6. Transmission of mandate registration data to NPCI using API calls.
7. NPCI to send an ACK to the Sponsor Bank to confirm the receipt of data with UMRN (Unique Mandate Registration Number), Status and the reasons for rejection.
8. Manual rectification of rejected mandate registration records for re-presentation to the NPCI system.
9. Destination Bank to send the Approved Registered Mandates to NPCI for further routing back to the Sponsor Bank.
Transaction Process Flow
1. LMS or any other source system, based on the repayment cycle type, will generate the transaction file in a pre-specified format and seamlessly transfer data to Chassist through a scheduler.
2. ‘Auto-Validation’ is built into the system to validate the registered mandates’ transaction data
3. Post validation and confirmation by the checker, the transaction presentation file will be transmitted to the NPCI System in NPCI 306 format, using the encryption and checksum algorithm.
4. NPCI will send an ACK to the Sponsor Bank confirming receipt of transaction data with transaction no./UMRN and “Accept/Reject”
5. The rejected mandate registration records will be manually rectified based on rejection reasons for re-presentation once again.
6. On debiting the borrower’s account by the Destination Bank, the successful mandates will be sent by the Destination Bank to NPCI for further routing to the Sponsor Bank.
7. Chassist will process the response file for receipts and rejections and will further push the data into the Source System.
8. Rerun process, if any transaction presented fails for insufficient balance, the system will schedule the same for representation after three days.
9. A message will be sent via SMS and email to the borrower each time the transaction fails due to an “insufficient balance” through a system integrated with the Bank's SMS and email gateways.
Powerful Reporting Tool
Chassist System has a powerful reporting tool which can be used for customization of reports based on the various filters available.
Some of the important reports are as stated below:
1. Mandate Registration Request Report
2. List of Loan Data Pending Manual Intervention/Rectification
3. List of Mandate Registration (Destination Bank-wise or Consolidated, Approved or Invalid)
4. List of Loan Data for Images scanned/unscanned
5. List of Loan Data with the ACK Status (Accept, Reject & Partial with reasons)
6. Total Mandates Registered – Range of Date or Month-wise
7. Daily Transaction Report’
8. Reverse File with Success & Reject transactions details with reasons for rejection
9. Summary Report of Total Collections for the day
10. Summary of Returned/Rejections for the day
System Features
1. Maker / Checker Role
2. Image Scanner/Upload Role
3. Parent / Child Account Linkage
4. Swap Mandate
5. Notifications to relevant Users to be triggered at various stages through
6. SMS/ Email
7. Encryption / Algorithm
Description provided by SIMSOL TECHNOLOGIES & SERVICES PRIVATE LIMITED.
