BANKING AND ECONOMY
A digital solution, an online platform ‘Trade nxt’, a user-friendly application was launched by the Union Bank of India (UBI) for providing comprehensive cross-border trade finance services to Indian Exporters and Importers.
The new online platform will help corporates as well as MSMEs to support all cross-border export-import transactions. The application was designed with customised dashboards, OCR-based transactions, artificial intelligence, bulk uploads along with additional features.
The platform offers seamless entry and processing of letters of credit (LC), bank guarantees, export and import bills, disbursement of export credit, outward & inward remittances, dealer financing, etc.,
The platform makes the companies to avoid visiting the bank branch by offering various service in one place. With this platform, the companies can initiate a trade transaction and ensures better governance with enhanced security and controls.
It will also enable the 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.
Recently, the Ministry of Electronics & Technology felicitated Union Bank of India for achieving the highest percentage of digital payments transactions under the category of large and medium banks at “Digital Payment Utsav”.