Newgen offers a seamless Electronic Fund Transfer system that uses computer and electronic technology as a substitute for cheques and other paper transactions. It is a system of transferring money from one bank account directly to another without any paper money changing hands.
The benefits of Newgen’s EFT solution includes maker-checker at every stage, real time integration with banking applications, maintenance of standing instructions, better response to customer queries and audit trail on who-did-what-when concept. A total of 30 banks including 18 from India, six from United Arab Emirates, two from Saudi Arabia operate using the Newgen’s EFT solution.
