Nucleus Software, an India-based company providing financial institutions with lending and transaction banking technologies, has integrated more features into its offering to expand its clients’ trade finance capabilities.
An announcement on Wednesday (March 21) said Nucleus has added a Trade Finance portal to its offering and updated its existing transaction banking tool, FinnAxia 5.0.
The company cited research that suggests $81 billion is spent on supply chain costs every year by companies because of a lack of access to trade finance. Nucleus Software noted that digitization of supply chain and trade finance processes can reduce that unnecessary spend and automate processes like document evaluation and due diligence.
The FinnAxia 5.0 update integrates the Trade Finance portal for financial institutions that want to link their corporate customers to a single platform to manage trade finance.
“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 delver best-in-class products to corporate banks globally,” said Nucleus Software Head — Global Product Management & Executive Director Ravi Pratap Singh in a statement. “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 with a 360-degree view of their cash positions and enable[s] them to take faster and more informed decisions,” the executive added.
India is a popular target for trade finance innovators.
In 2016, IBM announced it would be collaborating with Mahindra Finance to develop a blockchain-based trade finance solution in India. Last year, Misys also announced updates to its trade finance solution and revealed that the State Bank of India consolidated and streamlined its trade finance operations using Misys solutions.
“Banks are losing market share to P2P platform providers,” said Misys Senior Product Officer Jean-Cedric Jollant in an interview with Reuters last year. “By embedding crowdlending into the overall credit lifecycle, a bank can maintain and expand its client base, recapture business from alternative finance marketplaces and boost lending growth.”