Industry
Public Services
Forward-thinking government for citizen-first services
Highlights
- Governments are increasingly opting for direct benefit transfers and payments through public financial management systems due to the multitude of benefits they provide. However, monitoring funds and budgets remains a challenge for the public sector.
- TCS DigiGOV Funds is a proven solution covering the entire fund management lifecycle, including onboarding departments, configuring schemes, and defining budget heads.
- The solution can help governments monitor financial objectives, track funds and processes, safeguard investments, and drive operational efficiency.
Overview
Direct benefit transfers and payments through public financial management systems are gaining traction.
However, monitoring funds and budgets remains a challenge for the public sector. The absence of a unified IT system across different government departments results in a lack of transparency and duplication of efforts, leading to inefficiencies and high administrative costs.
Government departments are, therefore, searching for a single fund management solution that integrates with the public financial management system and tally. This solution should be able to dynamically add or remove government schemes, create a standard state-specific direct benefit transfer and earnings after taxes budgeting and payment system, and monitor the utilization of central and state funds.
Government departments often need help with fund reconciliation, parking of funds, and unused balances since funds are kept in many banks at the state, district, and sub-district levels. Manual preparation of budget plans and maintenance across various schemes results in delays, inconsistencies, and significant expenses. Also, manual consolidation of financial reports engages a majority of the workforce.
In the absence of real-time monitoring, governments require a mechanism to track work at the ground level. Digitalizing payments and onboarding processes of new schemes and departments can help governments save time and achieve high efficiency with standardized policies.
Solution
TCS DigiGOV Funds covers the entire lifecycle of fund management.
The highly configurable solution is integrated with the public financial management system for e-payments and tally for financial accounting. Government departments can digitalize payments with real-time and 100% payment reconciliation and can process more than ten lakh payments daily.
TCS DigiGOV Funds has advanced management and planning features that streamline budget allocation and approval with configurable workflows. The solution is based on rapid transformation methodology and can be implemented within a short time frame.
Key features include:
- Planning and monitoring projects and funds: The solution permits project creation and mapping of various milestones with end-to-end tracking, triggers payment through expenditure, advance, and transfer, helps prepare online annual action and program implementation plans, and allocates and reallocates budgets.
- Managing schemes: The solution facilitates scheme creation up to the nth level, mapping schemes with budget heads and sub-schemes and configuring rules against the scheme.
- Managing beneficiaries and vendors: The solution enables the creation and modification of beneficiaries and vendors with bulk upload provision.
- Disbursing funds: The solution facilitates integration with external agencies for direct benefit transfer and earnings after processing tax payments.
- Processing payments, managing refunds, and settling accounts: The solution enables payment processing using public financial management systems and the National Payments Corporation of India’s Automated Clearing House (an electronic clearing system used for various payment services) as it is integrated with banks’ payment gateways. It captures refunds of any payment received in the account because it is directly integrated with banks. The solution also simplifies settlements of advance payments and liabilities (taxes).
- Generating accounting reports and journal vouchers: The solution helps maintain day and cash books, accounting ledgers, and balance sheets. It helps reverse accounting entries with journal voucher generation.
- Handling donations and deposits: The solution captures and maintains various donations or deposits received by departments.
Figure 1 highlights the features of TCS DigiGOV Funds.
Figure 1
An overview of TCS DigiGOV Funds
Figure 1
Benefits
TCS DigiGOV Funds offers several benefits, including monitoring financial objectives and tracking funds and processes.
The solution safeguards existing investments by connecting with or extending the capabilities of existing core systems. It accelerates the implementation process with the help of subject matter experts and facilitates rapid master data configuration related to users, beneficiaries, vendors, and schemes.
TCS DigiGOV Funds offers standardized processes for budget planning and allocation across schemes and locations, standardizes budget cascading and fund disbursement processes across departments and subsidiaries, and ensures perpetual availability of funds throughout the year. The flexible workflow and payment authorization offers the highest level of system configuration. The solution facilitates digital payments through public financial management systems or direct bank integrations.
The solution accelerates onboarding new departments or schemes and permits the reallocation of funds in accordance with progress, resulting in better fund utilization. It provides transparency and insight into processes at any level, ensuring confidentiality, integrity, and authenticity of transactions. Finally, it improves the quality of management of information reports, enhancing decision-making.
The TCS advantage
Governments can improve outcomes and enhance citizen experience by collaborating with TCS.
TCS has extensive experience in designing and implementing effective governance solutions using world-class current and next-generation technologies. We deliver end-to-end holistic and integrated solutions with software, hardware, applications, and infrastructure. The availability of subject matter experts and contextual masters within TCS ensures rapid solution implementation across various public and private sector organizations.