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Union Bank of India launches ‘Trade nxt’ digital solution product
Posted on May 16, 2022
This will minimize the requirement for physical documentation and reduce turnaround times with better governance and improved security and controls
Hyderabad/Mumbai : Union Bank of India has announced the launch of “Trade nxt” (trade.unionbankofindia.co.in/UBIFCC/portal#/login), an online platform to provide comprehensive cross-border trade finance services to Indian exporters and importers . It offers seamless capture and processing of letters of credit (LC), bank guarantees, export/import invoices, export credit disbursement, outbound and inbound remittances, dealer financing and even more.
‘Trade nxt’ is a next-generation digital banking platform that enables all businesses as well as MSMEs to carry out all cross-border import-export transactions hassle-free as it offers a range of services in one location, which eliminates the need for businesses to visit a bank branch to initiate a business transaction and provides better governance with enhanced security and controls. Businesses can now initiate a transaction from the comfort of their location 24/7 in a safe and secure manner.
The ‘Trade nxt’ platform will also enable automatic regulatory online reporting through the Import Data Processing and Monitoring System (IDPMS), Export Data Processing and Monitoring System (EDPMS) and Export Data Processing and Monitoring System (EDPMS). other statutory reports related to ODI/IDE/LRS transactions, which will make the process much more convenient.
It is a user-friendly app with custom dashboards, OCR based transactions, AI, bulk downloads, with additional features such as custom GIS/reports and many other features are available in “Trade nxt”.
The Ministry of Electronics and Technology recently commended Union Bank of India for achieving the highest percentage of digital payments transactions in the category of large and medium banks at “Digital Payment Utsav”. Union Bank of India has also become the first public bank to bring the Account Aggregator (AA) ecosystem online. In the zeal to accelerate its digital transformation.
Main advantages of the ‘Trade nxt’ platform:
- Initiate transactions anytime, anywhere; with minimal branch dependency
- The ability to upload scanned copies of documents is available, where available.
- Pre-populated templates for similar transactions or options to copy from previous transactions
- Automatically generated regulatory declarations
- Save time and money for manual document printing and signing with Maker & Checker functionality integrated into the customer portal
- Automatically generated transaction notices and SWIFT messages
- Track the status of the transaction initiated by you via transaction tracking
- Set automatic reminders for future payments and bill due dates
- Smart and personalized dashboard
- Dedicated relationship manager office
- Digitize trade finance transactions
- Initiate the transaction via the download option (cross-border paperless transactions).