This article outlines the various statuses a mandate can have throughout its lifecycle, from creation to completion or cancellation. This will help track the progress of mandates and identify any potential issues.
Below are detailed explanations of mandate statuses:
Initiated: The mandate has been created but not yet authorized.
Awaiting Authorization: The mandate is created and pending authorization from the user via the widget.
Authorized: The mandate has been sent to the bank for approval.
Approved: The transfer has been completed successfully, and the mandate is approved.
Rejected: The bank has rejected the mandate. This could be due to a discrepancy in information or signature.
Suspended: The mandate has been temporarily paused by the business.
Cancelled: The mandate has been cancelled by the business or due to an issue such as a failed transfer or NIBSS downtime preventing approval.