Mandate Setup
Mandates are a prerequisite for direct debit funding and can be considered as a power of attorney. With a mandate, a user authorises Upvest to collect payments on his behalf.
In the EU, the mandate is created in accordance with the SEPA Core Regulation standard.
Coming soon
Further direct debit methods will follow for non-EU countries.
Soon, your users will also be able to top up their cash balance with additional funding methods such as credit transfers.
How mandate creation works
Before a mandate creation request can be initiated, the mandate details must be presented for the user to review. The mandate information that should be present includes:
Personal datails of the user
You can obtain this information, including full name and address by calling
GET
/users/{user_id}.Creditor (Upvest) information
This information will be provided to you during your onboarding process.
After the end user has verified the content of the mandate, he/she must explicitly authorise Upvest to collect money on his/her behalf.
The responsibility for the validity of a mandate lies with you, the client. The authorisation is therefore handled by you; it can be granted, for example, in the front-end of your applications in the form of a checkbox in which the user confirms the verification of the mandate.