Nucleus Software launches solution to maximize supply chain resiliency

By Edil Corneille

Today, Noida-based Nucleus Software, a provider of lending and transaction banking solutions to the global financial services industry, announced an end-to-end digital solution to help banks increase corporate supply chain resiliency in the COVID-19 era.

The latest version of Nucleus Software’s transaction banking solution FinnAxia 7.5 helps banks improve the stability of corporate supply chains and reduce disruptions, especially in these uncertain times. The solution supports the 4 corner model (two-bank interoperable), 3 corner model (single-bank closed) and the point model of financing which allows large banks to extend their SCF services to SMEs by partnering with local banks – who are often best placed to assess the performance risks of locals SMEs.

Banks and corporates are provided with a real-time 360° view of all supply chain transactions flows through the dematerialization of the procure-to-pay and order-to-cash cycles with e-procurement, e-invoicing, e-consent, e-acceptance, e-financing and e-settlement.

FinnAxia 7.5 comes with a sophisticated loan lifecycle management, invoice management and delivery order capture for risk mitigation. The solution also introduces an AI-based enquiry chatbot to resolve supplier queries in real time.

FinnAxia 7.5 enables banks to create ‘On Behalf Of’ structures such as POBO (Payment On Behalf Of) and ROBO (Receivable On Behalf Of), for their customers, conceivably bringing down complex banking structures that encompass thousands of accounts across hundreds of banks, involving a wide range of currencies, into a single physical account in a single bank.

RP Singh (CEO, Nucleus Software) said, “During the ongoing crisis, banks will need to balance their dual role of “transmission mechanism for relief programs” and “system stabilizers” really well to ensure their customers get all the support they need. A lot will depend on how their digital infrastructure handles the increased demand. The latest version of FinnAxia will help banks REACT to the immediate corporate customers’ concerns around remote banking and liquidity management and ADAPT to a changing world where supply chains become more local and new security concerns emerge. More importantly it will enable them to LEAD in a post-COVID API economy through launching hyper-personalized solutions and enabling hyper-fast banking.”

Harshit H Jain (Global Head – Transaction Banking & Digitisation Business, Nucleus Software) added, “…With cyber-attacks on banks surging 238% during the pandemic, banks need to ensure secure transactions for their corporate customers by detecting and preventing errors and fraud before they hit business. In addition to our AI- enabled real-time fraud and fault detector which is already being implemented in banks across the globe, the new release introduces a host of new security features such as positive/reverse positive pay, 24*7 transaction processing with time based daily limits and an AI-enabled KYC during customer on-boarding for comprehensive protection against frauds to banks and their customers alike.