How to Digitize Documentation with estamping & efranking for Online Banking?

How to Digitize Documentation with estamping & efranking for Online Banking?

Authored by: Mohammed Mansoor    Reading Time: 03 min 08 sec

Stamp papers are a cornerstone of any commercial banking transaction. The documents must be properly stamped to be considered legally legitimate.

The traditional technique of stamping and franking is time-consuming and costly for financial organizations. iStart estamping and efranking integrations can make it easier and faster for banking customers to pay their stamp duty.

e Stamping and e Franking process
e Stamping and e Franking process

What is estamping?

estamping is an electronic means of paying the government judicial or non-judicial stamp duty on the property. It verifies the transaction and renders the contract enforceable in a court of law.

This is a simple and convenient method of paying stamp duty, and it makes transaction documents tamper-resistant.

estamping Process

1. Pre-order: Users pre-order their stamp papers after picking their state and denomination. This enables simplified stamp paper purchases and eliminates friction in business workflows.

2. Document Upload: The next step entails submitting the necessary documents to be stamped. It could be a single document or multiple documents.

3. Form Submission: The user must provide the required information for stamping transactions, such as denominations, state, and first- and second-party information. User reviews application and submits to collecting center.

4. Payment Processing: After applying, the user must choose a payment method to finish the process. The mode of payment includes:

      • Net Banking
      • Cheque
      • Credit or Debit cards
      • DD, NEFT, RTGS, etc.

5. estamp Certificate: The document is electronically stamped and merged upon successful payment. The user receives a stamp certificate with a QR code for estamping verification.

e Stamping process
e Stamping process

What is efranking?

Franking is the procedure of affixing a stamp on legal and duty-paid documents to indicate their legitimacy. Before franking, the stamp sheets were used to verify the payments. As this system was susceptible to fraud, the government implemented franking machines.

efranking process

1. User Registration: Users must register on one of the franking payment websites, GRAS or eSBTR, and then browse to the efranking process.

2. Form Submission: Fill out the necessary information for franking stamp papers, including department, scheme name, period, denominations, state, and office information.

3. Stamp Selection: Select the type of stamp, either judicial or non-judicial, to complete the payment.

4. Payment Processing: Upon application submission, the user must complete the payment after entering the details.

5. Franking Certificate: After successful payment, the user receives a QR code as stamping verification.

e franking process
e franking process

Stamping vs Franking - What’s the difference?

Stamping Franking
It is a government-imposed levy on legal documents and contracts.
It involves stamping specified denominations on stamp paper with a franking machine.
It is mandatory for all official papers.
It is one way to pay the stamp duty.
Should be paid at the sub registrar’s office
Should be paid at the authorized banks/agents
estamping is paid for online through official websites.
estamp paper is previously franked

iStart’s estamping/efranking Solution

iStart’s estamping software offers a digital alternative to physical stamp duty payment. It increases productivity, digitizes and optimizes document operations, and enables organizations to register papers in bulk online.

iStart’s digital customer onboarding application with estamping and efranking integrations cuts the TAT by 99%. To know more about our customer onboarding digitalization, click here and Schedule a Demo.

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