Puratech Solutions: Rendering Flexible FinTech Solutions to Revamp Banking Services

CIO Vendor Today, banks rely on FinTech firms to enhance their services, that brought a huge impact on services realm include lending(peer to peer), payment, remittance and personal finance.As their information as well as transaction flow increase, both FinTechcompanies and banks necessitate cutting-edge digital technology solutions to make their communications more easy and smooth. Incorporated in 2008 at Mumbai,Puratech Solutions (India)Pvt.Ltd. crosses the threshold of FinTech industry to offer its digital processing platform for easy communication between FinTech companies and banks. It concentrates on delivering flexible FinTech solutions in terms of implementation and customization that can be adaptable to its clients' existing IT ecosystem.“Seeing huge opportunity in bridging information flow and transaction flow gap between FinTech companies and Banks, Puratech focuses on providing a digital processing platform for easy communication between FinTech companies and banks’ core banking solutions,”unveils Mukund Sivasubramaniam and Vishal Shah, Directors of Puratech Solutions(India) Pvt.Ltd. For addressing banking finance requirements, Puratech brings out a products portfolio which incorporates solutions for Warehouse Receipt Funding/ Commodity Finance- eCBF, eCF – Channel Finance Solution,eIFS – Inventory / Dealer Finance Solution,eIDS – Invoice Discounting Solution. The clientele of Puratech are the major banks and financial institutions like ICICI Bank, HDFC Bank, Citi Bank, Kotak Mahindra, Axis Bank,Induslnd Bank, Yes Bank. The company also aids domains such as Travel, Quality Compliance, Mining Solution etc.

While taking its flagship product offering eCBF into account, Puratech offers it as a Commodity-Based Financing solution or Warehouse receipt funding solution. Certainly, the solution encompasses various modules of commercial operations right from sourcing of the account, operations,monitoring and control, recovery management, audit and closure through repayment.“There are various stakeholders in the process including banks as
primary stakeholder, along with warehouse service provider and collateral management service provider etc. As part of this Value chain we also provide eWMS – Agri Warehousing Solution. Our solution offers a single platform for all stakeholders to collaborate and reduce over all transaction time, and thus customer is benefited,”shares Mukund Sivasubramaniam.

Solutions(India) Pvt.Ltd. crosses the threshold of FinTech industry to offer its digital processing platform for easy communication between FinTech companies and banks

Besides eCBF, Puratech delivers its product eCF which is a Channel Finance solution or Supply Chain Finance solution.“We designed eCF in a modular approach,considering the flexibility of operation and scalability in the implementation according to our customers' requirements. Also, the solution comes with the option of integrating with core banking platforms used by various banks and as well as retail lending solutions for the management of retail conversion and discounting”. eCF solution consists of a dealer and vendor portal for the ease of transactions and operations.

Perceiving clients' business process requirements and by means of its implementation knowledge base, Puratech endeavours to develop and refine its products on regular basis."We are active in travel space for the last 4+ years and servicing 85+ organizations worldwide, Puratech anticipates great potential in travel industry too. Rather than implementing a solution, it concentrates on solutions that work to meet clients' necessities", says Vishal Shah,Director of Puratech Solutions.“We are constantly evolving the products in all segments and also working on applications that are offered on mobile platform to our existing clients”, said Mukund as he wrapped up the conversation.