Puratech Solutions: Delivering Customer Centric Financing Solutions to Niche Verticals

CIO Vendor Today’s banking customer lives in a complex, fast-paced, technology-driven environment. To meet this expectations, banks and financial institutions are striving to build their repertoire of services on a technology enabled and customer centric framework.Puratech Solutions, headquartered in Mumbai, enables banks to surpass the expectations of the customer by providing themwith solutions built on a model which focuses on process detailing and understanding derived from knowledge base of product implementation. “We believe in customer centric delivery management,which does take a lot of effort in real terms to achieve by our dedicated core team for each of the products. We believe that technology is just a medium of servicing the client which comes second to actually understanding the business process requirements and the market study in depth,” says MukundSivasubramaniam, Director, Puratech Solutions India Pvt. Ltd.
Right from its inception, Puratech has set its focus on such processes that adds great value to its asset class while being customer centric. The first product rolled out by the company waseCBF(Commodity Based Financing Solution) which still remains its flagship product, being implemented in over 12 majorBanks in India.

Delivering Customer Centric Financing Solutions to Niche Verticals

Followed by the success of eCBF, Puratech designedproducts for Inventory/Dealer funding along with Supply chain financing which also has received good response from the market.Puratech has a strong core product team in place with thorough knowledge of the domain, enabling it to carry out fast track project implementation and provide customer centric solutions. The company realigns its processes to meet customer expectation and has proved its mettle by taking minimal time of four to five weeks in some implementations with core banking interface.
When it comes to financing for the trade of critical commodities in emerging markets, most of the banks have not ventured into this segment, due to volatility, price sensitive commodities, and fraudulent practices. eCBF has helped financial institutions in leveraging for bigger exposure appetites by offering a fool proof system along with proper audit tools and with early warning systems in place such as M2M and real-time exposure motioning. Puratech has also built inventory funding eIFS (Dealer funding) solution and Channel Finance solution (eCFS) on the same platform as eCBF. These products provide full limit controls across all the stake holders of the transaction and help banks to manage their exposure across the supply chain of their finance, be it with the Dealer, the Supplier orthe Manufacturer.
“All our products can be integrated as a ready-to-use solution with majority of Core Banking solutions. Conforming to the business process flexibility requirements, the product itself works as a standalone core accounting solution, and when the transactions need to be part of the overall bank’s ecosystem, we integrate for GL postings and for NPA monitoring along with core customer account maintenance,” adds Mr.Mukund.Puratech is also working on a Business Correspondent Banking solutionand plans to roll out a Mobile platform to deliver its existing solution in this space.The company is focusing on multiple niche verticals such as AgriWarehousing ,Travel , Quality Compliance and aims at creating a strong bottom line.