TechProcess Solutions ties up with banks to boost online mutual fund transactions

TechProcess Solutions Limited (TPSL), a provider of transaction processing, data processing and document management software solutions, has announced upgrades to its integrated online mutual fund platform, provided as a hosted solution to financial services distributors in India.

The platform now provides online payments integration with 15 banks, including Axis Bank, Allahabad Bank, Bank of Baroda, Bank of India, Citibank, HDFC Bank, and ICICI Bank.

The new integrated platform is expected to provide an impetus to online mutual fund trading volumes in India.

The online platform is a web-based hosted service, which offers complete data integration with asset management companies and registrars, allowing clients of a mutual fund distributor to buy and redeem mutual fund units online.

Investors, who are customers of distributors, can log on to the distributor's web site and perform activities like purchasing, redeeming and switching fund units in a paperless fashion. Funds are channeled from the bank account they have chosen to map to their trading account. Likewise, redemption proceeds are also deposited automatically into the same bank account.

Distributors get a plug-and-play, full service proposition, including automated synchronisation of transaction feeds with all transfer agency systems such as Karvy, CAMS, Templeton etc.