PFRDA uses new-age tech for better pension services

New Delhi: The Pension Fund Regulatory and Development Authority (PFRDA), the body for NPS in India, is embracing the power of technology to drive transformation and enhance the pension ecosystem in the country.

With the introduction of the Technology Architecture (TARCH) project, PFRDA aims to create a more robust and pervasive pension system, leveraging the potential of modern technology.

Technology is playing a pivotal role in driving change across industries, enabling institutions and companies to engage better with stakeholders and deliver seamless and convenient services.

PFRDA recognises the importance of adopting advanced technology solutions to enhance its services and offerings, promote innovation, and cater to the evolving needs of its stakeholders.

To achieve its objectives and transform the technology landscape, PFRDA has outlined a target state architecture. The target state architecture, as depicted below consists of four technology modules:

1. Website Revamp and Chatbot
2. PFRDA Online Intermediary Supervision Engine (POISE)
3. PFRDA Repository & Information Systems Management: Data and Analytics Platform (PRISM)
4. PFRDA INTRANET - Internal Digitalization (PINTRA)
   PFRDA will select a System Integrator (SI) through open tendering process and the SI will be responsible for studying the existing processes, proposing improved processes, and providing design, development/customization, implementation, and maintenance services for the mentioned modules.
   The TARCH project will integrate these modules, requiring seamless linking between them. The SI will work closely with PFRDA to ensure the acceptance of reengineered business processes for digital transformation.

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