The new product suite includes extended compliance with global and regional regulations and payment standards, increased capabilities for ‘payments on behalf of’ (POBO) and additional features to support bank customers running corporate shared service centres (SSCs) and outsourced receivables management.

FinnAxia 2.0 allows banks to centralize treasury processing for corporate customers using a SSC model, thereby providing them with the ability to optimize cash globally. The solution helps corporate treasurers monitor payment orders sent by all subsidiaries worldwide regardless of the channel used - e-banking, paper, bank branch or host-to-host (H2H) - on dedicated transaction dashboards and follow these orders from the point at which the bank receives them until they have been executed. The solution’s sophisticated workflow engine ensures that transaction flows are managed proactively - for example, if there is a rejection or an order that needs correcting, the treasurer is informed rapidly so that an appropriate response can be made. With real-time access to accounts, corporate treasurers can detect any suspicious activity, helping prevent fraud.

FinnAxia 2.0 comprises Global Payments, Global Receivables, Business Internet Banking, Liquidity Management and Financial Supply Chain Management.

FinnAxia’s support for Global Payments standards will allow corporate customers to increase their global footprint easily and quickly. In addition to delivering faster, more standardized payments and improving a corporate’s cash flow, the solution will help banks through faster settlement and an increase in the efficiency of back-office processes.

Speaking on the new launch, Mr. Ravi Pratap Singh, Executive Director and President - Products, Nucleus Software said, “We are extremely excited about the latest release of FinnAxia. With three decades of global experience and deep domain knowledge, we are well positioned to deliver product enhancements that provide added value to our customers. The new solution is part of our on-going development program and 6-monthly product release cycle. ”