Sahakaar is an online banking
solution for credit cooperative societies developed by Shinewell Innovation.
The aim behind this credit cooperative software is to provide elementary and
painless banking solutions to societies striving for ownership, control and
beneficiary. As we all are aware that credit cooperative societies play an
important role in economical development of low class and middle class people
and thus to simplify the accessing of deposit schemes and other core banking
solutions, Shinewell has come up with Sahakaar.
The world recently witnessed the
largest exercise in democratic elections with over 550 million citizens in
India exercising their right to vote resulting in a peaceful transition of
power. Taking a step back, I realized that the advances in engaging
constituents in the democratic transfer of power in western economies have been
taken to a whole new level in India where information is available in near real
time in near real time not just in major cities but also in the most remote
areas leveraging advances in communications and technology.
Shinewell aims at innovations in
customer engagement. Sahakaar has been developed with the new features and is
very much efficient for banking purpose. Its major features which make it
unique and effortless are:
·
Direct Debit
It is a financial transaction which
is mainly used for recurring payments. In this transaction, one person
withdraws funds from another person’s bank account. To set up
payments by direct debit, the payer must complete a Direct Debit Instruction to
the merchant. This instruction contains bank-approved wording that makes it
clear the payer is setting up an ongoing authority for the merchant to debit
their account. The interface for completing the Direct Debit Instruction is
controlled by the merchant, who then sends the data from the form to the
customer's bank.
·
Electronic
Clearance Service
The Electronic
Clearance Service (ECS) scheme provides an alternative method of effecting bulk
payment transactions like periodic (monthly/ quarterly/ half-yearly/ yearly)
payments of interest, salary, pension, commission, dividend refund by Banks, Companies,
Corporations, and Government Departments. The transactions under this scheme
move from a single User source to a large number of Destination Account Holders
(Customers/Investors). Sahakaar has incorporated this transaction for easiness
in financial transactions.
·
Standing Instruction
A Standing Instruction is given to your bank
to execute transfer of funds for a specified value to a specific account, on
the same date of every month. By setting up a 'Standing Instruction' with your
bank to transfer funds, you will no longer need to initiate an amount transfer,
or send a cheque every month. Now you can execute your Systematic Investment
Plan with the ease and leave all the tedious fund transfers to us.
·
Point of Sale
You can analyze sales data;
figure out how well all the items on your shelves sell, and adjust purchasing
levels accordingly. You can maintain a sales history to help adjust your buying
decisions for seasonal purchasing trends through POS. You can improve pricing
accuracy by integrating bar-code scanners and credit card authorization ability
with the POS system.
In the face of stiff competition, we have started developing
specialized solutions to keep pace with market demand. Also, the maintenance and support of
multiple solutions and vendors was a major issue for clients globally, making a
core banking solution with integrated offerings the preferred choice. Thus,
to
conclude, the role of the core banking solution software, Sahakaar is to be
revisited and strategized, with focus on the needs of different markets and
client segments.
