KFin Technologies (KFintech) and CAMS, today, announced the launch of MFCentral, a one-of-its-kind digital solution for enhanced service experience for mutual fund investors. The platform expects to transform investor experience with the mutual fund industry through its single window view across all mutual funds.
MFCentral is a collaborative effort of KFintech and CAMS, the Mutual Fund Registrar & Transfer Agents in association with AMFI. For the first time ever in the industry, MFCentral offers digital access to investor lifecycle engagement with the entire MF industry under one roof. The platform aims to render all conceivable transaction types across the industry participants in a highly automated and digitized manner. The platform’s underlying strengths include standardized and uniform processes, inter-operability and future ready architecture for scale and speed.
Mr. Anuj Kumar, Managing Director, CAMS commented, “We are pleased to bring the MFCentral platform to the investor community. The platform will bring about simplification in mutual funds services and reduce turnaround times, while providing safe access. Leveraging the power of digital, MFCentral provides a unified gateway for friction-less services across all mutual funds”.
In addition to a single portfolio view, the platform strives for complete fungibility of physical and digital services. It offers investors the added convenience of generating reports on unclaimed payments and raising service requests for non-commercial transactions (Digital and Scan based), such as nominee change and address update
Speaking on the launch, Mr. Sreekanth Nadella, CEO, KFintech said, “The launch of MFCentral is a milestone moment in the Indian MF industry. At the heart of the platform lie four fundamental objectives – 1. Step change in ease of doing business for Investors, Intermediaries and AMCs 2. Lay foundation for a secure, resilient and hyperscale processing infrastructure to meet exponential growth expected in the MF industry 3. Construct an Info superhighway to provide best in class analytics to the Regulator, AMCs and ecosystem partners and 4. Rationalize redundancy in industry’s efforts and costs”
The platform is conceptualized to go live in three distinct phases, all of which are planned to go live by the end of this calendar year. The first phase, going live today, covers non-commercial transactions (service requests of investors), financial portfolio view, and consolidated account statement amongst other features. The next two phases will see the launch of a mobility platform, financial transactions, and integration with ecosystem partners for several value-added services.
MFCentral is an innovative first-of-its-kind investor services hub conceived and developed by KFintech & CAMS. Leveraging best-in-class technology, MFCentral is built on architectural changes KFintech & CAMS have made through interoperability, thus facilitating the real-time resolution of service requests.
Designed to drive ease of doing business for investors and distributors, MFCentral is an enhanced infrastructure that will support value-added services by existing industry platforms, exchanges and channel partners. The platform facilitates transactions of every Mutual Fund investor irrespective of the mode of joining the industry.
Currently, in Phase 1, MFCentral allows for non-financial transactions. In Phase 2, MFCentral will be available as a mobile application, and in Phase 3, MFCentral will enable the investors to make commercial transactions and investments into mutual fund units and distributors’ login along with their associated services will be rendered.
About KFin Technologies Private Limited:
KFin provides a wide array of financial technology solutions across a broad spectrum of asset classes spanning mutual funds, alternatives, insurance and pension. KFin serves 25 out of the 44 Indian Mutual Fund AMCs, which have over US$148 billion in AUM. The Company has been chosen as the partner for 15 out of the last 20 Mutual Fund AMCs launched in India.The Company also serves 550+ listed and 3,700+ unlisted corporates with over eight crore folios in India as a leading corporate registrar. KFin is also one of the two players providing central recordkeeping services to the National Pension System in India. KFin is also a leading player in the alternatives and private wealth management space, serving 300+ AIF schemes. Internationally, KFin serves several mutual funds and pension managers across Asia (ex-India) including Malaysia, Philippines, Singapore and Hong Kong. In addition to being the center of excellence for clients in Americas, Australia and parts of Europe.
KFin’s proprietary applications, big data technologies and hybrid cloud environment enable servicing of over 13 crore folios and processing of over 10 lakh transactions on a daily basis. KFin is a Great Place to Work CertifiedTM organisation for the last two years (2020 and 2021) and has won several awards in the Fintech and Leadership space.
About CAMS Limited (www.camsonline.com) BSE: 543232; NSE: CAMS
CAMS is a technology-driven financial infrastructure and services provider to mutual funds and other financial institutions, with over two decades of experience. The Company is India’s largest registrar and transfer agent of mutual funds with an aggregate market share of approximately 70% based on mutual fund average assets under management (“AAUM”) managed by its clients. Over the last five years, the Company has grown its market share from approximately 61% during March 2015 to approximately 69.6% in Jun.2021, based on AAUM serviced.
Its mutual fund clients include all the top five mutual funds in the country as well as ten of the fifteen largest mutual funds in the country (based on AAUM during Mar’2021). With the initiative of creating an end-to-end value chain of services, the Company has grown its service offerings and currently provides a comprehensive portfolio of technology-based services covering areas such as transaction origination interfaces, transaction execution, payments & settlements, Reconciliation, dividend processing, investor interface, record keeping, report generation, intermediary empanelment and brokerage computation and compliance related services. These are delivered through a pan-India network of offices to its mutual fund clients, distributors, and investors. The company also provides a wholesome suite of services to Alternative investment funds, insurance companies and non-banking finance companies.