BankFlex® Atal Pension Yojana (APY) allows a bank to deploy a state-of-the-art pension program to their customers. BankFlex APY can also be deployed as a standalone solution to augment the bank's existing infrastructure.
The bank can offer the customers to register for Atal Pension Yojna using any of the digital channels—Mobile Banking Apps, Internet Banking, branch, business correspondent being few of the choices.
BankFlex API is highly automated and features rules driven workflow. It provides sophisticated integration with NSDL, allows automatic download and setup of allocated PRAN for the bank, PRAN assignment for new registration in real-time, automated export for registration and contribution files for NSDL and automated identification of eligible customers and pension plans for continuity.
The process of tracking due dates and sending alerts to customer for insufficient funds are all carried out, all without involving manual intervention. The system performs fully automated reconciliation and generates daily contribution and registration files for the bank and NSDL.
Highly configurable Solution, using which Bank staff can setup pension terms, contribution and penalty applicable for APY.
Realtime posting of transaction to bank’s core of the contribution paid.
Automatic identification of eligible customers for pension continuity.
Automatic renewal of the pension for eligible customers.
Automatic notifications to the bank customers for due date, insufficient funds, etc.
Automatic generation of payment and policy issuing file on daily basis (or as per frequency set) for the bank staff and for NSDL to upload.
Automatic reconciliation with the bank’s and NSDL data.
Customised reports for the Bank staff for registration of pension, renewal, and termination.
As a standalone solution, BankFlex will interface with the Bank's core banking systems. BankFlex well defined Interfaces will allow the bank’s existing digital channels to integrate and provide registration and optout facility for the Atal Pension Yojna to the bank’s customers.