 "Polaris To Develop MF Utility Platform For AMFI")
Polaris Financial Technology Ltd, the provider of products, solutions and services that enable unprecedented operational productivity for the global Financial Services industry, has announced that Association of Mutual Funds in India (AMFI) has entrusted Polaris with implementing MF Utility, a Centralised Mutual Fund distribution platform, in India. This platform will improve retail penetration through geographic reach, enhance customer convenience and operations and service efficiency, while enabling significant reductions in cost for the Mutual Funds industry.
Polaris was awarded the project because of deep domain knowledge and experience in developing and maintaining a high performance OLTP platform for the Chicago Mercantile Exchange, as well as solutions for the RBI and NABARD. AMFI is a not for profit industry association dedicated to developing the Indian Mutual Fund Industry by establishing and maintaining standards to protect and promote the interests of mutual funds and their unit holders.
K Srinivasan, EVP, Indian Subcontinent, Middle East and Africa (IMEA) Markets, Polaris Financial Technology Limited said, “It is noteworthy that we have been chosen to partner AMFI on this initiative that is of significant national importance and represents a key part of our National Financial Infrastructure. The MF Utility application will be implemented in nine months and will serve as a testament to Polaris’ solution development capability.”
The MF Utility web application will benefit all segments of investors, distributors and brokers by catering to their individual interests, reducing cost and risk and offering better service and transparency. This web enabled front-end application, functioning as an Order Routing tool, will also benefit all Asset Management Companies (AMCs), the Registrar and Transfer Agents (RTAs), investor brokerage companies and regulators.
The MF Utility platform, with web based access, offers investors benefits such as a single login ID to access or transact within the entire Mutual Fund industry, single cheque payments for multiple transactions, generation of Common Account Statements, generation of Cap Gain Statement, and a complaints and feedback module. It also offers independent financial analysts and distributors benefits such as bulk upload of all transactions, ability to get industry MIS, one view customer portfolio, brokerage statements, client level alerts, cost saving and better transaction efficiencies.
Polaris’ implementation will provide AMFI order routing and payment mechanisms with connectivity to RTAs, AMCs, Stock Exchanges, depositories, banks and centralised KYC repository. The first year of the implementation is expected to see 20,000 concurrent connections across the 25,000 distributors, 50,000 Investors, 45 Mutual Funds, 5 RTAs, 2 Depositories, 3 Banks and the 2 Stock Exchanges.
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