Kotak Mahindra Bank automates partner payments with Act21 Software’s solution

Mumbai: Private sector lender Kotak Mahindra Bank on Monday said it has automated its partner payments process, powered by Act21 Software’s end-to-end payout solution Hyperform.

Hyperform is a payment automation solution for the banking and financial services industry (BFSI). By integrating with the bank’s existing technology ecosystem, Hyperform enables the bank to effectively manage and monitor payouts with increasing efficiency, enhancing data accuracy, and making timely payments, 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 the payout data patterns, make adjustments as required and generate payout reports. The process-driven configurable workflow, it said, will ensure timely approval and processing of payments by automatically navigating approval stages and sending reminders to various approvers.

Puneet Kapoor, president (products, alternate channels, and customer experience delivery), Kotak Mahindra Bank said, "Our core ethos is to give a delightful experience to all our stakeholders. By implementing the Hyperform solution, Kotak is now in a position to significantly enhance its vendor payments process efficiently, accurately, and in a quicker turnaround time to its various stakeholders. This, in turn, further strengthens stakeholder relationships and business outcomes.”

Pankaj Gupta, founder and chief executive of Act21 Software said, Hyperform is a tailor-made solution for the BFSI domain, and the company has introduced smart functionalities like providing real-time visibility on partner payouts, trend analysis, and anomaly detection.

“It is bound to reduce Kotak’s operational costs and at the same time deliver an enriching experience to their stakeholders. Our sole focus is on how we can solve the challenges faced by the banking industry and provide an edge to our customers using digitally transformative technologies,” said Gupta.