What do you mean by ECS? State the advantages of ECS to Customers and

1.	What do you mean by ECS? State the advantages of ECS to Customers and Banks
Answer» Electronic Clearing Services (ECS) ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. Customers: The advantages of ECS to customers are as follows: ECS Debit mandates will take ensure automatic debit of the amount to customer accounts on the due dates without customers visiting bank branches / collection centers of utility service providers etc. Customers need not keep track of due date for payments. The debits to customer accounts would be monitored by the ECS Users, and the customers are alerted accordingly. Benefits to Banks: Freedom from paper handling and the resultant disadvantages of handling, receiving and monitoring paper instruments presented in clearing. Ease of processing by the destination bank branches. Smooth process of reconciliation for the sponsor banks.

What do you mean by ECS? State the advantages of ECS to Customers and Banks

Answer»

Electronic Clearing Services (ECS)

ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature.

Customers: The advantages of ECS to customers are as follows:

ECS Debit mandates will take ensure automatic debit of the amount to customer accounts on the due dates without customers visiting bank branches / collection centers of utility service providers etc.
Customers need not keep track of due date for payments.
The debits to customer accounts would be monitored by the ECS Users, and the customers are alerted accordingly.

Benefits to Banks:

Freedom from paper handling and the resultant disadvantages of handling, receiving and monitoring paper instruments presented in clearing.
Ease of processing by the destination bank branches.
Smooth process of reconciliation for the sponsor banks.

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What do you mean by ECS? State the advantages of ECS to Customers and Banks

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