R. P Singh
CEO, Nucleus Software
Nucleus Software has launched the latest version of its transaction banking solution – FinnAxia 7.0. With this product, the company, a leading provider of lending and transaction banking solutions to the global financial services industry, introduces a sophisticated virtual account management (VAM) solution designed to enable banks to open virtual accounts for their corporate customers. Virtual accounts can replace real current accounts and instantly route payments and collections to a linked ‘master’ current account. The company said by reducing the number of physical accounts financial institutions can streamline the corporate accounts receivable process, ensuring faster payee identification, error-free reconciliation, reduced days sales outstanding (DSO) and improved working capital management. It added that with FinnAxia VAM, banks can centralize cash operations for their corporate customers thereby providing real-time visibility and better control of liquidity positions along with enhanced forecasting capabilities for faster and more informed decision making. Banks can also provide a range of self-service options to the corporates – allowing them to design complex shadow account hierarchies for a real physical account in line with their specific business needs.
The solution increases the addressable market for banks as corporates like Pension Funds and Mutual Funds companies handling client money can leverage the solution for client money management through notional segregation of the clients’ money using shadow accounting and shadow balance tracking at the virtual account level. Besides, it also enables banks to provide an enhanced customer experience, reduce their operational costs through high STP rates combined with low IT expenses, and also improve their compliance to regulations such as BASEL III, IFRS and BEPS.
- P Singh, CEO, Nucleus Software, said with the latest version of FinnAxia, banks will be well placed to help their corporate customers finally realize their real-time treasury vision. Harshit H Jain, global head – Transaction Banking and Digitization Business, Nucleus Software, said the company strives to continuously keep enhancing its FinnAxia product based on valuable inputs and use cases from its customers as they, in turn, embark on their digitization journey.
FinnAxia is an integrated global transaction banking solution built on latest Java J2EE technology over SOA platform, which allows banks to break down traditional product silos, launch personalized products/services over multiple channels, achieve operational excellence and embrace digitization.
