The recent DoD summit held at Mumbai attracted the participation of leading brands in banking, insurance, mutual funds, broking and payments. The awards recognize brands which leverage technology to drive digital adoption to propel growth, inclusion and transformational customer experience.
CAMS GoCORP won the award for Use of Digital Media in the Mutual Fund category.
This award was received on behalf of CAMS by Mr. Tilak Raj Khanna, General Manager, Digital, Analytics & Intermediary Service and Mr. Prabal Nag, Senior Vice President, Business Development CAMS.
Pain points of Corporates in MF Investing
In the traditional model, MF transaction preparation and execution is handled directly by the treasury and finance departments of corporate houses. Multiple transaction forms and cheques preparation, signatures from multiple authorized signatories are time and coordination intensive tasks. Inherent problems with the paper-based transactions were
- The market lacked an aggregator platform. Corporates had to deal with multiple fund houses for transaction confirmation & Statement of Account
- Manual paper work prone to errors that can have financial consequences
- Short time-window for liquid scheme investments, especially when multiple authorized signatories are involved. Multiple complexities in case of group companies.
- Multiple follow-ups required to reconcile transactions
CAMS GoCORP Solution for Corporates
CAMS envisaged that leveraging the “digital” mega trend will bring the next big game changing transformation to corporate houses investing in Mutual Funds. It launched GoCORP in 2015, an aggregator platform for corporate investors to execute paper-less transactions across multiple mutual funds though a single platform.
GoCORP brings rich features and superior processing, one view of Mutual Fund investments and much more for Corporates
Access and Execution Control
- One login to access 17 participating mutual funds
- Maker, authorizer — Customizations for authorized signatory hierarchies
- Parent and Group company’s signatory customizations
- SMS/email alerts for maker and authorizer to verify and authorize transactions
- Electronic time stamping at server on receipt of transactions
- Additional purchase, redemption and switch
- Purchase in existing schemes and new schemes
- Corporate can transact in direct plan and regular/intermediated plan of mutual funds
- Investor has option to invest either directly or via brokers
- Payment modes: RTGS/Online Corporate Banking
- Corporate can customize their frequent/repetitive investments as ‘Favorites’ and submit subsequent transactions with mere-2-edits
- Facility to cancel submitted transaction
- Corporate can schedule redemption transactions
- Same-day Purchase & Redemption transaction can be executed
- Bulk upload of transaction (Excel) file
Reports & Transaction Tracker
- Consolidated Portfolio Valuation (with % allocation in Mutual Funds/Asset Class)
- Audit Report to fetch transaction status based on date range
- Capital Gain Statement with appreciation/loss, XiRR
- Single window view of submitted transaction details, with selection across group co./funds/folios
- Generate Fund house Account Statement – period specific
- Quick dashboard enables to identify if any transaction pending to be authorized
Impact of GoCORP
GoCORP portal is secure and does not store any information in the local system. All information provided travel over secure mode to the server with a high level of encryption to ensure transaction safety. Apart from this, other best practices have been taken to protect the interest of Corporate Investors.
Benefits to Corporate Investors:
- Zero paper work
- Elimination of errors while preparing paper-based orders
- Anytime, anywhere approval of transactions by authorised signatories – physical presence requirement eliminated
- Electronic management of orders facilitating reconciliation of monies
- Enhanced Portfolio management leading to improved treasury management
The platform user base has doubled in the past 12 months to touch 2400 registered corporate houses which is nearly 50% of the corporates who currently invest in Mutual Funds. It has seen staggering increase in transactions recording about Rs.2.5 trillion gross transaction value and Rs.1.25 trillion purchase value every month, unmatched by any other platform/ website / stock exchanges which serve the Mutual Fund industry.