Merchants can migrate their entire mandate and debit transaction process to LotusPay.
NPCI NACH Circular 230 allows merchants to port their existing mandates from an aggregator's common utility code to a merchant's own utility code.
NPCI NACH Circular 145 allows registered NACH participants to port their NACH Utility Code to one or more sponsor banks.
Merchants can benefit from these rules by fully or partially migrating their NACH Debit process to LotusPay. Get in touch with us at firstname.lastname@example.org to get started.
If the merchant wants to continue with its existing sponsor bank, and if LotusPay has an integration with that sponsor bank, then no migration is required - the merchant can get started with a simple authority letter.
Migrating utility code:
- Merchant submits authority letter and application form to LotusPay.
- LotusPay submits these to NPCI via its sponsor bank.
- NPCI marks this utility code as assigned to both the old and the new sponsor banks.
- This utility code is assigned to the merchant in LotusPay.
- Merchant can now manage its own NACH Debit process in LotusPay using the merchant's own utility code.
- Merchant submits a list of Unique Mandate Reference Numbers (UMRNs) and an authority letter to LotusPay.
- LotusPay submits these to NPCI via the banking system.
- NPCI marks these mandates as now being assigned to LotusPay's banking partner.
- Merchant can now manage old and new mandates in LotusPay.
The process takes one to two weeks to complete.