Polaris Financial Technology’s iGTB division has launched the India Payments solution that is compliant with major payments systems in the country including National Automated Clearing House (NACH), Next-Generation Real Time Gross Settlement (NG-RTGS) and National Electronic Funds Transfer System (NEFT).
The NACH-ready India Payments solution is delivered as part of release 12 of 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.
The solution is capable of achieving Straight Through Processing (STP) rates of over 97 percent across high volume and high care payments through business rules driven data validation and enrichment. Operational risks can be reduced by around 20 percent-25 percent using a configurable Exceptions Management Framework which offers complete audit and control.
With this payment solution, Indian banks can help their corporate customers unlock the power of receivables with NACH Debits and Mandate Management, said Manish Maakan, CEO, Polaris iGTB. It supports both transaction and file based processing with a high degree of STP.
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, Polaris iGTB said.
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.
The Web-based solution facilitates inter-bank, high volume electronic transactions that are repetitive and periodic in nature. It facilitates centralized mandate management, direct debits and bulk payments processing.