‘NACH-ready payments services’ hub for India, launched by Polaris Financial Technology
Polaris Financial Technology announced the launch of its NACH-ready India payments solution. With the emergence of NACH, a high rate of adoption is anticipated to make 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.
NACH-ready India Payments solution
- Web-based solution to facilitate inter-bank, high volume electronic transactions that are repetitive and periodic in nature.
- Facilitates centralized mandate management, direct debits and bulk payments processing.
- Standard features: cross-border transactions and host-to-host connectivity, etc.
- Compliant with major payment systems in the country viz. National Automated Clearing House (NACH), Next- Generation Real Time Gross Settlement (NGRTGS) and National Electronic Funds Transfer System (NEFT).
- 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.
Polaris Financial Technology Ltd.
A Global leader in Financial Technology for Banking, Insurance and other Financial Services. Founded in 1993.
Headquarters: Chennai, Tamil Nadu. Its iGTB division is the world’s first complete Global Transaction Banking platform, used by the world’s top transaction banks.
Services offered: financial technology products, legacy modernization services and consultant of core banking, corporate banking, wealth & asset management and insurance.
National Automated Clearing House (NACH)
The National Payments Corporation of India (NPCI) has implemented NACH for banks, financial institutions, corporate and government to facilitate inter-bank, high volume, electronic transactions which are repetitive and periodic in nature.
- Web-based solution: A centralized system that will provide a national footprint and is expected to cover the entire core banking enabled bank branches spread across the geography of the country irrespective of the location of the bank branch.
- Objective: To provide a single set of rules (operating and business), open standards and best industry practices for electronic transactions which are common across all the Participants, Service Providers and Users, etc.
- Provides a robust, secure and scalable platform to the participants with both transaction and file based transaction processing capabilities.
- Facilitates the member banks to design their own products and also addresses specific needs of the banks & corporates including a refined Mandate Management System (MMS) and an online Dispute Management System (DMS) coupled with strong information exchange and customized MIS capabilities.
- Supports Financial Inclusion measures initiated by Government, Government Agencies and Banks by providing support to Aadhaar based transactions.
- Used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension, etc. and also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium, etc.