Polaris Financial Technology’s iGTB division has unveiled its National Automated Clearing House (NACH)-ready India Payments solution for processing high volume transactions designed for accelerated time-to-market.
The company said that the solution is compliant with major payments systems in the country including Next-Generation Real Time Gross Settlement (NG-RTGS) and National Electronic Funds Transfer System (NEFT).
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The new payment 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.
According to Polaris, the new web-based solution will facilitate inter-bank, high volume electronic transactions that are repetitive and periodic in nature, including centralised mandate management, direct debits and bulk payments processing.
Through business rules driven data validation and enrichment, the NACH-ready India Payments Solution will be able to achieve Straight Through Processing (STP) rates of over 97% across high volume and high care payments.
Furthermore, operational risks can be reduced by around 20%-25% using a configurable Exceptions Management Framework which offers complete audit and control.
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By GlobalDataPolaris iGTB CEO, Manish Maakan, 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.
"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."
