MF Utilities India (MFUI) is the Mutual Fund Industry’s Fintech initiative formed by the Asset Management Companies (AMCs) of SEBI registered Mutual Funds under the aegis of AMFI, with an objective of investor, distributor and RIA empowerment, providing convenience, consolidation of information to various agencies, operational efficiency for RTAs and benefits to AMCs, thereby benefitting all stakeholders in the industry in a cost efficient scalable model.
BLAZE TO BRILLIANCE The prime objective of MFUI is to consolidate all “Transaction Requests” received by the industry from multiple sources and transmit it to the “Fulfiller” of the request (Transfer Agent), thereby bringing in operational efficiency by reducing multiplicity and duplication of activities. Towards achieving this objective, MFUI has developed the Portal, MF Utility (MFU), which operates as a “Transaction Aggregating System” for transactions in Mutual Funds. Essentially, MFU is a shared infrastructure of the AMCs in India to reduce duplication and increase efficiency, thereby, reducing costs and provide customer convenience. It also automates many activities and creates a conducive environment to move from paper based transaction to digitized transactions.
FAITH FACTOR MFU offers 24/7 information access, including Online Common Account Statement, Composite Portfolio information, Portfolio holding and scheme related information. It also offers industry level value added services like alerts, triggers, reminders etc. and allowing investors to monitor and manage their investments more effectively. MFU provides a one-point access for registering and tracking the status of complaints at a centralized location. MFU helps distributors / RIAs on various counts including convenience of online request submissions, empowering them by providing consolidated industry MIS, etc. This also helps in improving distributors / RIAs back office efficiency and allowing them to focus on providing quality advice.
ENGAGEMENT THAT ENTHRALLS MFU is an efficient “Transaction Aggregating Portal” that connects with key stakeholders including RTAs, Distributors, RIAs, Banks, AMCs, etc., thereby mitigating the risk relative to the current paper based transactions. MFU will facilitate opening of a Common Account Number (CAN) which shall be used as a single account for all participating AMCs instead of maintaining and managing multiple folios. Consequently, MFU enables submission of multiple requests for multiple schemes across Mutual Funds in a single form. It also enables a single payment for multiple subscriptions made under a single form which helps achieving asset allocation easily. MFU aims at standardizing forms, processes, etc., in order to provide convenience in dealing with Mutual Funds. These will significantly increase investor and distributor convenience.With MFU’s mobile application “goMF”, distributors will be able to submit transactions of all the investors for any mutual funds through their mobile phone. This helps distributors to service their customers on the go, saving lots of time, money and effort. Investors are also able to use the app for their transactions.
INNOVEDGE MF Utility (MFU) is an innovative initiative of the Indian Mutual Fund Industry that brings significant benefits to all stakeholders, i.e. Investors, Distributors, RIAs and Asset Management Companies, by leveraging technology. MFU will bring many conveniences to the investors and distributors / RIAs and allow Mutual Funds to significantly enhance their reach and presence in the country to further the goals of retail penetration. MFU will also help remove duplicities in the system and reduce the inherent risks in the industry.
BRAND PROMISE MFU as a brand has created a sense of convenience and seamless transaction in Mutual Funds. Consumers swear by the robustness of the system and the benefits that accrues to them in terms of submitting transactions and tracking it. This is being talked as “Game Changer” by the users. A brand which represents 14 lakh crore assets of Mutual Fund Industry, it entails the spirit and culture of the Industry. MFU aims to provide reliable and resilient value added network and application services for B2B and B2C initiatives that minimize risks and promote timely efficient and automated interactions at reduced cost.]]>