The Association of Mutual Funds in India has entrusted Polaris Financial Technology with implementing MF Utility, a centralised mutual fund distribution platform, in India.
This platform to be implemented in 9 months will improve retail penetration through geographic reach, enhance customer convenience and operations and service efficiency.
The Chennai-based Polaris has developed and maintains the OLTP (online transaction processing) platform for the Chicago Mercantile Exchange, as well as solutions for the RBI and Nabard (National Bank for Agriculture and Rural Development).
The platform, with Web-based access, offers investors benefits such as a single login ID to access or transact within the entire MF industry, single cheque payments for multiple transactions, etc. The first year of the implementation is expected to see 20,000 concurrent connections across the 25,000 distributors, 50,000 investors, 45 mutual funds, 5 RTAs (regional trade agreements), 2 depositories, 3 banks and two stock exchanges, the release said.