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Coimbatore, April 14 Electronic payment processing company TechProcess Solutions Ltd (TPSL) is now offering an ‘Online Mutual Fund’ platform.

The Web-based hosted service 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.

Company sources said that the solution has generated considerable interest within the financial services distribution community because it allowed clients of various broking houses to link up their existing bank accounts with their brokerage account to make payments or receive redemption proceeds in a seamless fashion.

The facility is applicable to accountholders in ICICI Bank, Axis Bank, Karnataka Bank, YES Bank and Corporation Bank, in the pilot phase.

TPSL is in discussions with 10 other banks to bring them on board as well.

Distribution firms with significant investment in a proprietary online trading platform would be able to integrate the company’s payments processing engine — ‘Techpro Instant Pay’— onto their Web site to process payment and redemption proceeds with respect to different banks, while protecting technology investments.

TPSL commenced its operations with the launch of the electronic bill presentment and payment in India in 2000. It was initially incubated by ICICI Venture. The company subsequently raised capital from international private equity majors.

(This article was published in the Business Line print edition dated April 15, 2009)
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