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Union Bank of India launches cross border trade finance service Trade Nxt

Union Bank of India said Trade nxt eliminates the need for companies to visit a bank branch to initiate a trade transaction (Reuters)Premium
Union Bank of India said Trade nxt eliminates the need for companies to visit a bank branch to initiate a trade transaction (Reuters)

  • The platform will enable enterprises to conduct all export/import transactions, including entry and processing of letters of credit, bank guarantees, export/import bills, disbursement of export credit, outward and inward remittances and dealer financing, among other things

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Union Bank of India has launched Trade nxt, a cross border trade finance service for Indian exporters and importers.

The platform will enable enterprises to conduct all export/import transactions, including entry and processing of letters of credit, bank guarantees, export/import bills, disbursement of export credit, outward and inward remittances and dealer financing, among other things, at one place.

‘Trade nxt’ eliminates the need for companies 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 regulatory online auto reporting through import Data Processing & Monitoring System (IDPMS), Export Data Processing & Monitoring System (EDPMS) and other statutory reporting pertaining to ODI/ FDI/ LRS transactions.

To provide a user-friendly experience, Union Bank said the platform has customised dashboards, OCR based transactions, artificial intelligence, bulk uploads, with additional features like customised MIS/ reports.

Key features of the platform include digital transactions round the clock and from anywhere, with minimal dependency on the branch, auto-generated regulatory declarations, reminders for future bills and payments due dates, dedicated relationship manager desk, digitised trade finance transactions Facility of uploading scanned copies of documents is available, wherever applicable.

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