Newgen Software, a global provider of low code digital transformation platform, announced that RAKBANK, a leading financial institution in the UAE market, partnered with Newgen’s Trade and Supply Chain Finance (SCF) solution for digitising and optimising its end-to-end business finance processes.
The bank can effortlessly automate transaction origination and processing by leveraging Newgen’s Trade Finance and SCF solution, which is built on a minimal code digital transformation platform—NewgenONE. The flexible low-code solution integrates the Trade and SCF portals to connect the front and back-office processing systems, orchestrating the whole customer journey while adhering to international rules. Customers of RAKBANK will have access to an online interface to begin and track all transactions, increasing convenience and service quality. Furthermore, the solution allows for strong connectivity with third-party apps and provides customers with a real-time performance dashboard for total operational insight.
“At RAKBANK, our customers are at the core of everything we do. Through our collaboration with Newgen, we are committed to delivering a seamless and efficient experience for our customers, allowing them to navigate the complexities of trade and supply chain finance with ease. The solution will provide real-time visibility into transactions, automate manual processes, and mitigate risks, enabling our customers to make informed decisions and optimize their financial operations, “said Peter Roberts, Chief Operations Officer at RAKBANK.
“We look forward to leveraging Newgen solution’s expertise and cutting-edge technology to create a more efficient, transparent, and customer-centric trade and supply chain finance ecosystem,” added Peter.
“Our Trade Finance and SCF solution, powered by NewgenONE, offers a combination of low code configurability and comprehensive functionality. By providing a unified front and back-office processing system through the Trade and SCF portal, the solution will enable RAKBANK’s customers to seamlessly connect with the bank to conduct international trade business and supply chain finance services,” said Tarun Nandwani, Chief Operating Officer at Newgen Software.
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“We are delighted to support RAKBANK in their digital transformation journey and believe this to be a significant step towards transforming trade and SCF practices in the region,” he further added.
