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Pension Payment System

One of the varied efforts by banks to expand their business was their entry into the pension payment system. Government has ably backed private as well as public banks to process and disburse pension to retired employees in India. This has led to more and more banks now providing this facility to their customers.

Central and State government entities, semi-government agencies, departments & directorates and public sector entities have engaged with banks to fulfill this need for their retired employees. Though a lucrative business for banks, it is highly competitive, both in terms of fulfilling customer expectations as well as internal capacity of the systems.

 
Overview

C-Edge’s comprehensive and systematic Pension Payment System service enables banks to address this specialized line of business and also to overcome the challenges faced by them. It is easy to use, control and manage.

The system has specialized features such as::

  • Rule-based engine for pension calculation
  • In-built workflows to cater to multiple entities
  • Maker-Checker and audit trails
  • TDS calculation
  • Scroll generation, pension slip generation
  • Interface to CBS for pension disbursement
  • Exception & error handling
  • MIS & reporting

The system ensures end-to-end automation, thus enabling the banks to process more pensions and essentially increase their revenue.

Benefits

Our Pension Payment System provides following benefits:

  • Highly parameter-driven & automated solution
  • Reduced turnaround time
  • Centralized monitoring and security system
  • Maker-Checker enabled
  • Auditability of calculations & disbursements of pension
  • Automated generation of required documents and reports
C-Edge Advantage
  • Available on Cloud
  • Seamlessly integrated with Core Banking Solution & other channels
  • Ready to deploy
  • Regular functional upgrades
  • Compliant with regulations
  • Secure application

What would you like to do?

Testimonials

The Hon. Chief Minsiter has lauded MRB’s efforts as well as our technology partner, C-Edge for their commendable support in providing banking facilit...

Mr. Mukul Jeishi Chairman of Meghalaya Rural Bank

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