Nucleus Software today launched the latest version of its transaction banking solution FinnAxia 7.0.
With this launch, Nucleus Software now introduces a sophisticated virtual account management (VAM) solution developed exclusively to enable banks to open virtual accounts for their corporate customers – accounts that will be replacing real current accounts and instantly route payments and collections to a synced ‘master’ current account. Bringing down the number of physical accounts helps streamline the corporate accounts receivable process, ensuring speedier payee identification, error-free reconciliation, reduced days sales outstanding (DSO) and improved working capital management.
With FinnAxia VAM, lenders will now be able to centralize cash operations for their corporate customers thereby providing real-time visibility and better control on liquidity positions along with improved forecasting capabilities for faster and more informed decision making.
Besides, banks can provide a variety of self-service options to the corporates – permitting them to design complex shadow account hierarchies for a real physical account in line with their specific business needs.
FinnAxia VAM enables banks to offer an enhanced customer experience, decrease 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,“In this age of hyper connectivity, where consumers have little tolerance for delays and errors, banks need to provide corporate treasurers with high quality products and services, fast and with accuracy. In fact, research shows that 70% of corporate treasurers consider the provision of real-time systems as the most important factor when establishing a banking relationship. With On-Behalf-Of structures such as POBO (Payments On Behalf Of) and ROBO (Receivables On Behalf Of), organizations can dramatically reduce the complexity of their banking structures – that often encompass thousands of accounts across hundreds of banks, and involve a wide range of currencies – into just a single physical account in a single bank. This ensures greater visibility of cash positions and faster and more informed decisions. With the latest release 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) added “We see Nucleus as a trusted advisor and partner for our banking customers. We strive to continuously keep enhancing our FinnAxia product based on valuable inputs and use cases from our customers as they, in turn, embark on their digitization journey to offer a superior experience to their Corporate and SME customers.”
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
