Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry,announced the latest version of its transaction banking solution called FinnAxia 5.0 and introduces Trade Finance portal.
According to a recent report, Fortune 500 companies incur more than $81 billion of unnecessary supply chain and working capital costs each year due to inefficiencies and lack of visibility in trade finance. Digitization has the potential to overhaul trade finance by enabling the convergence of physical, financial and document chains, providing complete visibility of the supply chain and automating key processes such as - document evaluations, due-diligence checks and the generation of purchase orders and invoices.
FinnAxia 5.0 includes a newly launched Trade Finance Portal and which would help corporate customers with a single, global view of their trade finance business. This will reduce the risk of fraud and will also enable the bank to make faster and more efficient financing decisions. FinnAxia 5.0 also comes with comprehensive cash management features to ensure working capital optimization for the bank’s corporate customers. The solution also allows the corporates to define their own liquidity structures and visualize the prospective outcomes graphically.
With a constant emphasis on ensuring compliance to regulations, the new release of FinnAxia comes with the International Transaction and External Position System (ITEPS) to achieve payments compliance in the Malaysian market and also offers India-based NPCI compliant Direct Debit Mandate capabilities via both physical and electronic forms.
With FinnAxia 5.0, corporate banks can capture new business opportunities, enable working capital management for their corporate customers and ensure compliance with new regulations in the transaction banking space.
Mr. Ravi Pratap Singh, Head - Global Product Management & Executive Director, Nucleus Software said, “As a leader in the financial technology space, Nucleus Software has always focused on product innovation with a passion for perfection and a relentless commitment to deliver best-in-class products to corporate banks globally. This has, in turn, helped our customers respond faster to the changing market dynamics and capture new business opportunities as and when they arrive. The latest release of FinnAxia 5.0, includes a state-of-the-art trade finance portal, which provides corporate customers a 360 degree view of their cash positions and enable them to take faster and more informed decisions”.
Re-disseminated by The Asian Banker