Reported by: banking|Updated: July 20, 2021
Kotak Mahindra Bank said it has automated its partner payments process, using Act21 Software’s Hyperform, a next-generation payment automation solution for the banking and financial services industry. By integrating with the bank’s existing technology ecosystem, Hyperform enables the bank to effectively manage and monitor payouts – increasing efficiency, enhancing data accuracy and making timely payments, according to a press 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 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 at the bank, said by implementing the Hyperform solution, the bank is now in a position to significantly enhance its vendor payments process efficiently, accurately and in a quicker turnaround time to its various stakeholders.