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E-mandates allow debtors and creditors to exchange mandates in a fully electronic way, presenting advantages for debtors, creditors, creditor banks and debtor banks.

The advantages for creditors include:

  • The solution allows fully automated end-to-end processing of e-mandates including issuing, amendment and cancellation of such mandates while eliminating the need to deal with a multitude of local, technical or organizational barriers
  • The e-mandate is agreed on in a secure way
  • The confirmation of the debtor's right to access the account is specified by the debtor bank
  • The e-mandate process allows automatic storage and retrieval of e-mandate data

The advantages for debtors include:

  • The debtor avoids the inconvenience of printing, signing and mailing a paper form to the creditor by using a fully electronic process instead
  • The e-mandate facility is based on secure, widely used online banking services of the debtor bank; the debtor, therefore, can simply rely on the online banking procedures he is already familiar with