Union Bank of India has launched Trade nxt, a cross-border trade finance service for Indian exporters and importers.
The platform will enable companies to perform all export/import transactions including entering and processing letters of credit, bank guarantees, export/import invoices, disbursement of credit to export, outbound and inbound remittances, and dealer financing, and more, all in one place. .
“Trade nxt” eliminates the need for businesses to visit a bank branch to initiate a trade transaction and ensures better governance with enhanced security and controls, the bank said in its statement.
The 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 other statutory reports. relating to ODI/IDE/LRS transactions.
To provide a user-friendly experience, Union Bank said the platform has personalized dashboards, OCR-based transactions, artificial intelligence, bulk downloads, with additional features such as GIS/reports personalized.
Key platform features include 24/7 digital transactions from anywhere with minimal branch dependency, auto-generated regulatory reporting, reminders for future invoice and payment due dates, a dedicated relationship manager office, digitized trade finance transactions. copies of documents are available, if available.