Nucleus, which works in the field of lending and transaction banking, introduced the new service to help banks open virtual accounts for corporate customers.
FinnAxia 7.0, launched this week, will allow for the expansion of the virtual banks, which can replace real current accounts and transfer payments to a linked master account.
By streamlining the number of accounts available overall, Nucleus will be able to make the corporate accounts receivable (AR) process easier for customers. The service promises, according to a press release, faster identification for pay recipients, a reduction in errors for settlements, less days with pending sales, and better capital management.
FinnAxia VAM will let banks centralize accounts, allowing for a greater level of transparency and more control over liquidity positions, which can help with better decision making. Banks can also let customers use a range of custom options which allow the designing of multi-faceted shadow accounts that can let customers accomplish more of their needs.
With the new upgrades, FinnAxia 7.0 will expand the reach of banks, segregating customer money via shadow accounts and shadow balance tracking at the virtual account level. This will help to give pull to solutions for managing clients’ finances.
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FinnAxia 7.0 purports to have greater flexibility for companies to aggregate, segregate and put data in order, due to the reduction in physical bank accounts. The new FinnAxia update also has an artificial intelligence-based operating system to improve efficiency.
RP Singh, CEO of Nucleus, said customers now don’t want to wait around for their financial services, with 70 percent of corporate treasurers valuing real-time deal-making over other priorities.
FinnAxia, in trend with other accelerating payments services, also is working on fighting bank fraud.
