Union Bank of India launched an online platform called ‘Trade Nxt,’ which provides cross-border financial trading services to Indian importers and exporters.
It provides access to the entry and processing of credit (LC), bank guarantees, export and import bills, disbursement of export credit, outward and inward remittances, dealer financing, etc.
It enables transactions of all cross-border export and import activities by corporates and MSMEs easily, as it offers a series of services in one place; hence ‘Trade Nxt’ is being called the next generation digital banking platform.
Trade Nxt has brought the convenience of initiating a trade transaction and complete governance with improved security and controls at the comfort of a mobile phone. Now companies have access to make financial trade transactions 24/7 with safety and security.
The ‘Trade Nxt’ platform has future plans to enable regulatory online auto reporting through Import Data Processing and Monitoring System (IDPMS), Export Data Processing and Monitoring System (EDPMS), and various other statutory reporting related to ODI/ FDI/ LRS transactions. All the above implementations will make the process more convenient.
Union Bank said that The Trade Nxt platform has customized dashboards, bulk uploads, artificial intelligence, OCR-based transactions, and MIS personalized reports. All these features help provide a user-friendly experience on the online platform.
The most highlighted features of the Trade Nxt platform are access to round the clock digital transactions, reminders for future bills and due dates for payments, auto-generated regulatory declarations, less dependency on the branch for commerce, a dedicated relationship manager desk, a facility to upload scanned copies, and digitized trade finance transactions.
The Ministry of Electronics and Technology recently felicitated the Union Bank of India at the Digital Payment Utsav for achieving the highest percentage of digital transactions under the category of large and medium banks.
