PF Trust Outsourcing

Provident fund is turning out to be a complex function to handle. Today all companies are bound by statutory requirement to have Provident Fund as a Trust or otherwise. For those organizations who manage a Provident Fund Trust, handling the different requirements of investments, member database, member relationship, loans and investments need to a cohesive activity and not distributed. MINERVA offers PF Trust Outsourcing services which enable organization comply with all the requirements of this function and maintain flawless data of its members. MINERVA handles the creation (or import) of member database, loan management, investment management. MINERVA also provides member self-service modules to enable organizations extend the facility to members. The service deliverables include

1. Member register
2. Loan Management (refundable & non-refundable)
3. Loan register
4. Investment Allocation and Details Input
5. Automatic Interest Calculation
6. Interest Reports
7. PF annual statement
8. Trial Balance
9. Income & Expenditure account
10. Balance sheet
11. Statutory Reporting (additional requirements at no extra charge)
12. Dynamic management of PF structure
13. Reports by Location/state
14. Reports based on employee and employer contribution

About Author:-  Minerva Technology is an IT products and services provider specializing in specific segments and work with large, medium and small companies in providing services.Minerva Technologies provides value to clients by combining rich domain knowledge, process, innovative product and service delivery, and excellent post sales support.Minerva Technology Solutions Limited is a product development and services outsourcing company, offering a range of services in the areas of Retail Forex, Travel, Money Transfer, Education & Hospitality, Payroll, Employee management and products suited to the needs of key verticals.

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Retail Forex, Travel, Hospitality and Education

Retail Forex and Money Transfer

Minerva is a market leader in providing Point-of-Sale and back office automation solutions for the retail foreign exchange and Money Transfer agents. With an installed base of over 1000, this product automates the entire operations and provides for all the regulatory compliances. This multi-tier integrated online solution can be deployed from one branch to operations panning multiple locations and countries. Consolidated reports and third party interfaces make this a unique solution for this industry.

FXPLUS

Retail Forex (Bureau de Change/Money Changer POS and Back Office) An end-to-end software solution for Bureau de Change Automation, aimed at Full-Fledged Money Changers and Authorized Dealers. The system delivered as Software-as-a-Service (SaaS) and in-house deployment for large companies, covers the entire operations of a Bureau de Change (Money Changer) from Point-of-Sale to complete accounting and financial Management. The system provides for national and international standards in Anti-Money Laundering compliance. The system complies with the operational and reporting standards of the central banks (Reserve Bank of India).

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FXPLUS-ODR

This system enables B2B communication between different Money Exchanges through an Online Dealing Room. The ODR enables them to find the best rates for their Currency stock online and close a deal with another Money Exchange. For users of the FXplus Bureau de Change software this system is directly linked to their backend software.

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FXPLUS-Xport

Money Exchanges with permission to Export Currency to Banks and financial institutions use this solution, which ensures compliance and accounting. This can also be provided as an in-built module in the basic FXPLUS software.

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SENTINEL-AML

SENTINEL-AML is a multi-tier Anti-Money Laundering Engine for Bureau de Change, Hotels, Banks and Travel Providers dealing with direct and corporate clients. The system is customizable to comply with various provisions of regulatory banks and financial institutions. Apart from compliance of the regulatory framework, organizations can devise their own methods of AML standards for fraud prevention, detecting suspicious transactions using the parameterized approach of the solution. The system is able to integrate various standards and watch lists published by international organizations. FIUs of different regulatory and financial services organizations use the AML module and the related analytics solutions to ensure detection and compliance.

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MoneyLINK

Large agents of leading Money Transfer companies like Western Union, MoneyGram etc operate through a wide network of agents across nations and states. The MoneyLINK system handles the entire operation of the Direct agents of these Money transfer companies in managing the network of sub-agents, payment and reimbursement process, reporting and analytics, interface with banks and entire financial accounting operations. The system also complies with local regulatory framework for the business.

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FXPlus netStore

The netStore solution is an ecommerce website service for Forex and Money Transfer providers. Ready-to-use ecommerce integration for Bureau de Change / Money Changers eager to setup an ecommerce interface to their websites. This comprehensive site integrates to the standard business website and eliminates the need to make huge investments in time, money and resources. The netStore from Minerva provides a readymade platform for order booking for buying and selling currency, Travellers Cheques. Prepaid Forex Cards together with in-built payment gateway to retail customers through the Money Changers website. All regulatory documentation requirements from the end customer are captured and stored in the system. All data collected through the netStore directly updates the FXplus back office software.

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LCMS – Education Center Management

Minerva’s LCMS (Learning Center Management Solution) addresses the needs of Education Providers having multiple training centers across different locations. This web based solution is a tool for managing and administering training centers across different locations. It enables student management, faculty management, center management, placement and certification. LCMS is a complete solution on-the-cloud for education service providers with distributed/franchisee locations

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