Public Financial Management System | Mindgate Solutions

Government Solutions

Public Financial Management System (PFMS)

Mindgate’s CB Konnect Public Financial Management System (PFMS) Integration Middleware is an integral part of our Government Business Module built keeping in mind the need for the country’s digital climate. The solution is an excellent concoction of easy to integrate adapters that propel innovation to stay afloat with the digital needs of the government-based schemes executed through banks. The comprehensive suite is designed with utmost agility that offers ready to plug-in adapters of Public Financial Management System (PFMS) message processing layer along with easy access to banks’ CBS and various channel integrations and keeps in mind the compliance that the regulatory requirement of PFMS integration demands. Having a sound understanding of the multiple facets of government business, Mindgate’s CB Konnect PFMS Integration Adaptor offers a host of modules that can be integral in the Public Financial Management System (PFMS) process cycle.

Key Capabilities

  • Scalability of the solution dramatically helps in reducing the dependency on banks and their channels used.
  • It’s a tailor-made solution that puts an end to all the issues faced during the disbursement.
  • The DSC integration into the portal has saved operational issues, time, and effort to a large extent.
  • It fulfills bank’s requirements with numerous integration capabilities like PPA, CINB, EPA, and so forth apart from DSC.
  • All the reports, events, reminder alerts or notifications, and pay-outs are available on a real-time basis.

Public Financial Management System (PFMS)

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FAQs

What is PFMS (Public Financial Management System)?

The Public Financial Management System (PFMS) is a web-based online software application developed and implemented by the Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance, Government of India. PFMS started during 2009 with the objective of tracking funds released under all Plan schemes of Government of India, and real time reporting of expenditure at all levels of Programme implementation.

What are the key features of PFMS?

Key features of PFMS are:
– Payment & Expenditure Control
– Accounting of Receipts (Tax & Non-Tax)
– Compilation of Accounts and Preparation of Fiscal Reports
-Integration with Financial Management Systems of States

What is the role of PFMS in government financial management?

The primary function of PFMS today is to facilitate a sound Public Financial Management System for the Government of India by establishing an efficient fund flow system as well as a payment cum accounting network. PFMS provides various stakeholders with a real time, reliable and meaningful management information system and an effective decision support system, as part of the Digital India initiative of Government of India.

What is Mindgate's role in the PFMS integration solution?
Mindgate’s PFMS Integration Middleware, CB Konnect is an integral part of a Government Business Module which is a comprehensive suite, helping banks to adhere to the regulatory requirement of PFMS, keeping in mind the need for the country’s digital climate.
What features does Mindgate's PFMS integration solution offer?

Mindgate GBB platform offers an integration middleware with back office module for facilitating the regulatory transaction reporting and payment processing. Platform supports all modes of payment processing as defined by PFMS in an integrated model by leveraging bank’s CBS and other channels.

How can organizations integrate Mindgate's PFMS integration solution?

Mindgate provides the GBB solution in a hosted/on-prem model based on the business needs and feasibility. The apt model and features will be designed by our industry SME team in consultation with the bank’s business team.

Is Mindgate PFMS compliant with security standards?

Mindgate GBB platform offers the latest security protocols and does periodic security audits to comply with the regulatory and security requirements.

Can Mindgate's PFMS integration solution be customized to specific requirements?

Yes, Mindgate GBB platform comes with standard offering which covers vastly the regulatory requirement and various models of integration with banks sub-systems. If any additional business requirements are identified, the platform design is agile to accommodate the same.

How does Mindgate ensure data accuracy in PFMS transactions?

Data accuracy is an integral part of regulatory reporting and Mindgate GBB platform ensures the reporting part with accurate data as defined by PFMS by validating the data retrieved from source systems and managing the exceptions with required data corrections if any.

What types of organizations can benefit from Mindgate's PFMS Integration solution?

Mindgate GBB platform’s primary customer focus is Financial Institutions/Banks who have to comply with the regulatory integration and reporting with the PFMS ecosystem. Platform has various other business suites for handling scheme based and non-scheme based payments disbursement with multiple hierarchy handling which can be leveraged by any State treasury or Municipal corporations.