Nucleus Software, an Indian software provider for banks and financial organisations worldwide, has launched FinnAxia, a product suite designed to fulfill the dynamic needs of the future transaction banking space.
Based on BCG's report, Path to Profitable Growth, the transaction banking market is expected to grow at a compound annual growth rate of close to 11 percent from 2011 to 2021. There is thus a need for banks and financial institutions to invest in the right technology now to manage this future growth, according to Nucleus Software.
Banks and financial institutions are increasingly requiring granular information in real-time across the financial value chain and seeking a 360 view of all transactions to predict accurate cash flow needs as well as optimise the entire financial value chain to unlock trapped working capital. FinnAxia enables them to do so with its multi-layered service oriented architecture, said V Muralikrishna, global head of sales and marketing at Nucleus Software. "FinnAxia will help our customers achieve operational efficiencies and offer greater business values to their customers on a secure single platform."
FinnAxia offers six modules which are as follows:
- Global Payments, which enable banks and financial institutions to handle and manage their corporate customers' payments needs and enhance the quality of customer service.
- Global Receivables, which allow banks to define flexible receivable products and services related to account receivable management and cash flow forecasting.
- Liquidity Management, which helps banks in defining cash concentration structures based on corporates operating model to ensure optimum fund consolidation.
- FinnAxia Business Internet Banking, which allows the bank's corporate customers to manage their cash inflows and outflows easily and at anytime.
- e-Financial Supply Chain Management, which enables the financial flows of the business value chain while running in parallel to the physical supply chain of a company.
- FinnAxia Mobility Solutions. The solution'stransaction processing capabilities integrates payments, cash management, account services and liquidity management to transform customer's device into fingertip banking, thereby enabling additive and transformational banking.
"FinnAxia provides our customers an integrated solution to effectively manage key aspects of transaction banking with a combination of rich value drivers including versatility, agility and high operational efficiency," said Vishnu R. Dusad, Nucleus Software's founder, CEO and managing director.