HomeNewsBankingUnion Bank of India launches digital solution product ‘Trade nxt’

Union Bank of India launches digital solution product ‘Trade nxt’

‘Trade nxt’ platform will help in providing comprehensive cross border trade finance services to Indian Exporters and Importers.

Union Bank of India launches digital solution product ‘Trade nxt’- Union Bank of India has announced the launch of an online platform named ‘Trade nxt’ (trade.unionbankofindia.co.in/UBIFCC/portal#/login). the ‘Trade nxt’ platform will help in providing comprehensive cross border trade finance services to Indian Exporters and Importers.

  • It will also offer seamless entry and processing of letters of credit (LC), bank guarantees, export/import bills, disbursement of export credit, outward & inward remittances, dealer financing and so on.
  • It will 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.

‘Trade nxt’ platform

  • It is a user-friendly application with customised dashboards, OCR based transactions, artificial intelligence, and bulk uploads.
  • It also contains additional features like customised MIS/ reports.

benefits of the ‘Trade nxt’ platform:

  • It will Digitize trade finance transactions.
  • Will help in Auto-generated transaction advice and SWIFT messages.
  • Will offer a Facility for uploading scanned copies of documents is available, wherever applicable.
  • One can Initiate transactions anytime, anywhere; with minimal dependency on the branch

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