- ECS is the process through which settlement takes place between post office and Banks involved in the process as a part of Finacle payment system capabilities, supports settlements without physical instruments.
- ECS in simple terminology can be descirbed as transfer of amount from post office to bank through electonic media.
Features of Electronic Clearing System
- ECS supports both inward and outward transaction processing in electronic form
Outward debit(Future)
Outward credit
Inward debit(Future)
Inward credit
- The process of electronic clearing is similar in all aspets with that of cheque based clearing excpet it is in the form of electronic insrtuctions instead of cheques
- ECS also follows the Net settlement approach
- Facilitates collection of charges(if any) from customers through ECS.
- The data is processed at the Service Post Office level on behalf of all the Post Offices attached to the service Post Office.
Step by Step Process
Following are the steps involved in Electronic Clearing System(ECS)
Enable the facility of ECS for the customers at the time of opening of account from the menu options
SB-CASBAO
RD-CRDOAAC
TD/MIS-CMISAOP
SCSS-CSCAOP
Enable the facility of ECS for the existing customer through the menu option
SB-CASBAM
RD-CRDACM
TD/MIS-CMISAM
SCSS-CSCAM
1.Invoke the menu option HECSM( ECS Mandate Maintenance) to set a mandate for customer accounts for Outward transactions in ECS. Mandate can be set for operative and Loan account.
2.A mandate refers to the set of instructions given by the customer to participate in ECS.
3.Invoke the menu option HOTCE for Over the counter ECS transactions or transactions without mandate (In future).
Step by Step Process in Detail
Enabling of ECS facility to the new customers(at the time of opening)
We can enable facility of ECS for the customers at the time of opening of account from the menu options
SB-CASBAO
RD-CRDOAAC
TD/MIS-CMISAOP
SCSS-CSCAOP
For example at the time of opening of account(SB) we will select the ECS menu option as "YES"
Then enter the following details
Select ECS as"YES"
Enter the amt type ________________
Enter the amount _______________
Enter the PaySys id as "ECS"
Enter the other Party A/c id ___________
Other Party Name ____________
Other Bank/branch city code ___________
Other Bank code ____________
Branch Code _______________
Click on Submit and supervisor has to verify the account created by the operator.
Setting Mandate for Outward ECS
HECSM stands for ECS Mandate Maintenance
Invoke the menu HECSM and then select the function as "ADD"
Then click on GO
Then enter the following details
Enter the A/c ID ________________
Enter the PaySysID as "ECS"
Select the message type as _______
Select Part Transaction Type ________
Select Transaction code as "ECS"
Enter the start date _________
Enter the End date ___________
Enter Amt type ________________
Enter the amount ______________
Enter the other Party A/c id ___________
Other Party Name ____________
Other Bank/branch city code ___________
Other Bank code ____________
Branch Code _______________
Then click on submit then the system will generate the mandate number.
Verify the same in the supervisor.
