Pension regulator PFRDA has selected NEC Corporation India as System Integrator (SI) for its digital platform PFRDA-TRACE. 

NEC Corporation has been selected as SI for a period of six years, PFRDA has said. NEC Corporation India is expected to play a crucial and pivotal role in PFRDA’s digital transformation journey. 

Pension Fund Regulatory and Development Authority (PFRDA) had in February this year sought bids from prospective bidders to be appointed as SI for PFRDA-TRACE as part of Technology Architecture (TARCH) project.

In April this year, PFRDA had shortlisted four bidders for technical evaluation to select a SI. 

Bidders

The four chosen bidders were Bahwan Cybertek; Inspira Enterprise India; NEC Corporation India; and Trigyn Technologies.

PFRDA-TRACE (tracking, reporting, analytics, and compliance e-platform) is expected to serve as a comprehensive tool for submitting regulatory and supervisory compliance reports by intermediaries, sharing of reports and data with PFRDA, monitoring functions and facilitating a workflow for PFRDA departments to review and track submissions. 

This would enable communication of observations and remarks and incorporating a validation process for reports and data submitted by intermediaries.

API platform

PFRDA-TRACE is the second phase of its technology architecture (TARCH) project to digitise and automate its operations.

The system integrator will be responsible for studying existing processes, proposing improved workflows and providing design, development, customisation, implementation and maintenance services for PFRDA-TRACE.

The TARCH project is envisioned to be a modular and API-based (application programming interface)platform.

The technology architecture envisaged for PFRDA will have four modules —Website revamp and chatbot; PFRDA online intermediary supervision engine (POISE); PFRDA repository and information systems management: data and analytics platform (PRISM); and PFRDA Intranet — internal digitalisation (PINTRA).

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