Polaris partners with AMFI to enhance National Financial Infrastructure

For improving retail penetration across the country, enhance customer convenience and operations & service efficiency  as well as enable reductions in cost for the Mutual Funds Industry, Polaris Financial Technology has announced that its MF Utility platform has been assigned by the Association of Mutual Funds in India (AMFI) for this purpose.

K. Srinivasan, EVP, Indian Subcontinent, Middle East and Africa (IMEA) Markets, Polaris Financial Technology, 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 is expected to 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.

Polaris’ implementation will provide AMFI order routing and payment mechanisms with connectivity to RTAs, AMCs, Stock Exchanges, depositories, banks and centralized KYC repository.