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Nucleus launches FinnAxia solution for banks

February 28, 2014 | The Hindu business line

The company said the latest product, to be launched on Friday, will help banks in defining cash concentration structures based on corporates’ operating model, thereby ensuring optimum fund consolidation.

The product will also give added flexibility to fund movement, thereby retaining optimum account balances and maximising interest income on consolidated balances, Vishnu R Dusad, Founder, Chief Executive Officer and Managing Director, Nucleus Software, told Business Line.

“It facilitates the customers (banks) to initiate, authorise, release for processing, track reports for the payment and collection transactions. It is a highly secured Internet banking platform using security features such as token authentication and virtual keyboard,” he said.

Pact with banks

Without disclosing names, he said, the company had already tied-up with two major banks in India for the new product. The company has around 150 leading banks around the world as customers in 50 countries.

“With banking and transactions coming back in the US and European countries, our ultimate aim is to launch the latest product (FinnAxia) to these countries as well, since those markets are also opening up to deepen our presence,” Dusad said.

The company will also launch FinnAxia’s e-Financial Supply Chain Management to strengthen business value chains. It will enable the financial flows of the business value chain, running parallel to the physical supply chain of a company.

Dusad said the new product would be available in 22 countries as of now, mostly emerging markets in the Asia Pacific region, and the rest of the countries (50 countries) in next one year, where it is present right now, with the current product called FinnOne (lending solutions).

Looking at the expansion of its businesses from lending to transactions with this product, the company also plans to hire around 300 people a year for the next three years, he said.

(This article was published on February 27, 2014)