Banking

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

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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