Polaris Financial Technology has announced the launch of its NACH-ready India Payments solution which 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, it is expected that a high rate of adoption will be 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.
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.”
Operational risks can be reduced by around 20%-25% using the configurable Exceptions Management Framework of NACH-ready India Payments solution.
