Mumbai: Private sector lender Kotak Mahindra Bank announced Monday that it has automated its partners’ payment process, powered by Hyperform, Act21 Software’s end-to-end payment solution.
Hyperform is a payment automation solution for the banking and financial services industry (BFSI). By integrating into the bank’s existing technology ecosystem, Hyperform enables the bank to effectively manage and monitor payments with increased efficiency, improve data accuracy, and make payments on time, a the bank said in a statement.
According to the statement, the Hyperform solution has a single intuitive user interface screen for stakeholders who can view payment data models, make necessary adjustments, and generate payment reports. The configurable, process-driven workflow, he said, will ensure timely payment approval and processing by automatically going through approval steps and sending reminders to various approvers.
Puneet Kapoor, President (Products, Alternative Channels and Customer Experience Delivery), Kotak Mahindra Bank said, âOur main philosophy is to provide an enjoyable experience for all of our stakeholders. By implementing the Hyperform solution, Kotak is now able to improve its supplier payment process in an efficient, accurate and faster way for its various stakeholders. This, in turn, further strengthens stakeholder relationships and business results.
Pankaj Gupta, Founder and CEO of Act21 Software, said: Hyperform is a tailor-made solution for the BFSI domain, and the company has introduced smart features such as providing real-time visibility into partner payments , trend analysis and anomaly detection.
âIt is intended to reduce Kotak’s operational costs and at the same time provide a rewarding experience for their stakeholders. Our sole focus is on how we can solve the challenges facing the banking industry and deliver an advantage to our clients using digital transformation technologies, âsaid Gupta.
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