There are several businesses where pooling of requests or demand happens and haggling for the produce or a price is carried with, but with limited transparency. Chit funds or Non-registered savings scheme are popular market mechanisms by which individuals pool in their resources, haggle for the funds at higher premium and service the withdrawal. In many countries, there are no regulations against these organizations, but increasingly federal agencies are nudging them to embark on technology platforms to improve the transparency and arrest money laundering. [LG1]
A Chit Fund Company manages, conducts or supervises chits or savings and calls. The typical process is a person enters into an agreement with a specified number of persons that agree to subscribe a certain sum of money for a certain period of time. As determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, the registered members can take their call money and service the money at a certain fee. The interest earned and the principal is shared equally after the closure period. Each chit will be organized by a person who is entitled to 5% of the call price in each auction as their service fee for rendering their services for fixing the meetings, collecting money from each other and undertaking other procedures.
We have a niche solution to chit fund organizations that automates and centralises all the bidding process. Our solution eliminates the process of manual bidding and completely automates all documentation, thus eliminating human errors. Departments and financial organisation can benefit from centralised and collated information. They can keep track of information of financial transaction, bidding and chit members at real time. Our solution brings cost efficiency, transparency and reduces human efforts.
We specialise in delivering customised procurement solutions for any type of business and industry. Our team has extensive experience and the proven ability to manage procurement requirement of large organisations. We provide flexible, customisable solution and industry best-practices to help different enterprises address their unique e-business needs effectively.
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