Nucleus Software announces the release of FinnAxia 3.0, the latest version of its next-generation integrated transaction banking product suite.
The new solution will enable banks to eliminate multiple siloed applications and includes a Direct Debit solution based on internationally accepted ISO20022 messaging standards which makes it compliant with the major payments and settlement systems across the globe including the SEPA Direct Debit Mandate (SDD) in Europe and NACH in India.
Today, financial institutions are not only looking for technologies to compliance-related complexities but to also improve their customer engagement and service levels. The integrated transaction banking solution helps:
- Bank’s corporate customers reduce their account receivables cycle thereby optimizing Days Sales Outstanding (DSO).
- FinnAxia 3.0 also comes with sophisticated cash forecasting capability which allows the banks to make better- informed decisions and ensure availability of the right amount of funds at right time and right place thus enhancing its working capital management.
- The solution’s modular and open architecture allows seamless interfacing with third party anti-money laundering systems to help banks detect payment related frauds in real-time.
- FinnAxia 3.0 comes with a more scalable and flexible online banking solution named Business Internet Banking (BIB) that will help banks meet their customers’ evolving needs.
- The solution has added security enhancements in the areas of password policies, grace periods and transaction passwords.
- Internal communications has been strengthened with the newly launched chat feature to enable broadcast, multicast and unicast messages.
- BIB also enables banks to support their corporate customers’ expansion into new geographies with a foreign currency module that makes foreign currency payments to onsite employees easy for the corporates.
Ravi Pratap Singh, Head – Global Product Management & Executive Director, Nucleus Software said, “The latest release of FinnAxia builds on our global experience in transaction banking and empowers financial institutions to establish and maintain a market-leading presence through the flexible, speedy and efficient execution of transaction banking processes. It also provides a dual advantage of ease of operation combined with greater system integration for the banks’ corporate customers. With a unique blend of domain and technology expertise, FinnAxia 3.0 has been designed to address the corporates’ ever changing working capital management and transaction processing needs”.