TechProcess upgrades OMF platform

Bangalore: TechProcess Solutions (TPS), a provider of transaction processing, data processing and document management software solutions, upgraded its integrated 'Online Mutual Fund' (OMF) platform to provide better services to financial services distributors in India. This platform is a web based hosted service which offers complete data integration with asset management companies and registrars and empowers clients of a mutual fund distributor to buy and redeem mutual fund units online.

Currently, the platform boasts online payments integration with 15 banks. The company has also built an online 'Systematic Investment Plan' (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 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 an increase in volumes of mutual funds transactions in India," says Bikramjit Sen, CEO, TechProcess Solutions.

The platform may also help 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. In addition to that, it is likely to help in reducing transaction costs considerably from the distributor's perspective, with some of the cost benefit being passed on to the investor.

A recent study in the early part of this year to understand 'Online Indians' and their net usage bahaviour has shown that there are currently over 47 million internet users in India and the regular internet users are growing at an annual rate of 10 percent. Moreover, 75 percent of them belong to the consuming and aspiring class and a sizable portion of them are exposed to transactions through credit card, internet banking.