Sahakaar –Apparent Banking Software

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.