 "TPSL Ties-Up With Indian Banks For Online Mutual Fund Transactions")
TechProcess Solutions Limited (TPSL), a provider of transaction processing, data processing and document management software solutions, has announced some major upgrades to its integrated ‘Online Mutual Fund’ platform, provided as a hosted solution to financial services distributors in India.
The platform now boasts online payments integration with 15 banks such as Axis Bank, Allahabad Bank, Bank of Baroda, Bank of India, Bank of Rajasthan, Deutsche Bank Citibank, Corporation Bank, Federal Bank, HDFC Bank, ICICI Bank, Karnataka Bank, Oriental Bank of Commerce, South Indian Bank, Yes Bank, Union Bank of India and Vijaya Bank. This enhanced bouquet of online payment options is expected to provide an impetus to online mutual fund trading volumes in India.
TechProcess has also built an ‘online SIP’ feature into the platform, which is expected to be a major attraction to retail investors desirous of steadily building up a retirement corpus while negotiating market volatility.
The platform enables clients of various broking houses to link up their existing bank accounts with their brokerage account in order to make payments or receive redemption proceeds effortlessly. It also helps investors and distributors to buy, sell and redeem mutual fund units in a seamless fashion. In addition to that, it also helps reduce transaction costs considerably from the distributor’s perspective.
“The integrated web based Online Mutual Fund platform along with the tie-ups with leading banks as well as financial services distributors will certainly make a significant contribution in bringing about an increase in volumes of Mutual Funds transactions in India. While industry bodies such as AMFI do not report online transaction volumes separately, it is estimated that online mutual fund sales do not exceed 5-7% of overall sales. TPSL now provides a wide choice of 15 banks, this will ensure that clients can transact from their banks or existing banks and are not forced to open an account with a particular bank, just to be able to transact online,” said Bikramjit Sen, CEO, TechProcess Solutions Ltd.
‘Online Mutual Fund’ Platform is a web-based hosted service which offers complete data integration with Asset Management Companies and Registrars, thereby empowering clients of a mutual fund distributor to buy and redeem mutual fund units online.
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