Multi-channel real-time payments solution for processing high value and high volume transactions designed for accelerated time-to-market
New Jersey (USA) / London (UK) / Chennai (India), February 5, 2014: Polaris Financial Technology Limited’s iGTB division, provider of the world’s first complete Global Transaction Banking platform, today announced the launch of its NACH-ready India Payments solution. The solution is compliant with major payments systems in the country including National Automated Clearing House (NACH), Next-Generation Real Time Gross Settlement (NGRTGS) and National Electronic Funds Transfer System (NEFT).
With the emergence of NACH, a high rate of adoption is foreseen making it imperative for banks to have a strategic roadmap for the adoption of NACH. This would include product innovation, operational reconstructs and cutting edge technology adoption.
Commenting on the new Payments solution, Manish Maakan, Chief Executive Officer, Polaris iGTB said, “With this solution, banks in India can help their corporate customers unlock the power of receivables with NACH Debits and Mandate Management. The solution offers a robust, scalable and future-proof platform that supports both transaction and file based processing with a high degree of STP. Its best-in-class security features, cost efficiency and payment performance capabilities help banks to tap in to the growing business potential around e-collections and payables. As the NPCI mandate is expected to cover over 80,000 bank branches across the country, the solution enables a quicker time-to-market, giving banks an early mover advantage.”
NACH-ready India Payments solution contains NACH Mandate Manager, Transaction Processor for NACH, NG-RTGS, NEFT and APBS along with other standard features such as cross-border transactions and host-to-host connectivity. It is a web-based solution to facilitate inter-bank, high volume electronic transactions that are repetitive and periodic in nature. It facilitates centralized mandate management, direct debits and bulk payments processing.
The NACH-ready India Payments Solution is delivered as part of release 12 of the renowned Payment Services Hub, which combines transaction processing on a channel agnostic platform with the flexibility to configure to meet changing customer needs, regulatory reforms and operational arrangements. It is capable of achieving Straight Through Processing (STP) rates of over 97% across high volume and high care payments through business rules driven data validation and enrichment. Operational risks can be reduced by around 20%-25% using a configurable Exceptions Management Framework which offers complete audit and control.