- Provides real-time visibility of cash positions
- Enables faster and more informed decisions
- Optimizes working capital management
- Backbone to structuring reconciliation solutions
for industry segments
Nucleus Software, the leading provider of lending and transaction
banking solutions to the global financial services industry, today announced
the launch of the latest version of its transaction banking solution FinnAxia
7.0.
With this launch, Nucleus Software introduces a
sophisticated virtual account management (VAM) solution designed to enable
banks to open virtual accounts for their corporate customers - accounts that
can replace real current accounts and instantly route payments and collections
to a linked ‘master’ current account. Reducing the number of physical accounts
helps streamline the corporate accounts receivable process, ensuring faster
payee identification, error-free reconciliation, reduced days sales outstanding
(DSO) and improved working capital management.
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. Corporates can slice and dice
reports according to their business needs with the solution providing them the
flexibility to structure, segregate and aggregate data.
The clarity on transaction streams at the entity or
subsidiary level combined with the reduction in the number of physical bank
accounts brings treasury efficiencies of improved account rationalization and
real-time liquidity. FinnAxia VAM also helps banks onboard customers faster
with a number of features including an AI-based intelligent text extractor.
FinnAxia VAM 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.
FinnAxia is an integrated global transaction banking
solution built on latest Java J2EE technology over Service Oriented
Architecture (SOA) platform, which allows banks to break down traditional
product silos, launch personalized products/services over multiple channels,
achieve operational excellence and embrace digitization. The solution empowers
financial institutions to establish and maintain a market-leading presence through
the flexible, speedy and efficient execution of transaction banking processes.
