BANKING AND ECONOMY
Union Bank has launched the online platform 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, at one place.
The key features of the platform include digital transactions round the clock, with minimal dependency on the branch, auto-generated regulatory declarations, reminders for future bills and payments due dates, a dedicated relationship manager desk, digitized trade finance transactions Facility for uploading scanned copies of documents are available, wherever applicable.
The platform will also enable regulatory online auto reporting through the import Data Processing & Monitoring System (IDPMS), and Export Data Processing & Monitoring System (EDPMS). The bank notified that 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.