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Nucleus Software Implements Another FinnOneTM Contract in the Middle East Region

March 13, 2007
Nucleus Software Exports Ltd on March 13, 2007 has announced its deal with Mashreq Bank, UAE's largest private bank, for its flagship product FinnOneTM Finance Against Securities (FAS). The solution has been implemented across the bank's 46 branches.

This deal marks yet another win for the Company in the Middle East region. FinnOneTMFAS implementation will help enhance the bank's turnaround time in approving loans against securities, determining and managing the credit limit for a customer.

FinnOneTM Finance Against Securities (FAS) is a comprehensive solution that establishes credit lines to individuals and corporates against the pledging of financial securities like shares, debentures, units, etc. Objective of the product is to value the collateral security provided by the customer in order to determine credit worthiness. As market value of the security offered is very volatile in nature, the system conducts valuation on regular intervals.

The bank implemented FinnOneTM solution across its 46 branches in the UAE region, in its endeavour to refurbish its lending operations. This implementation is seen as a strategic move by the bank to increase its market share significantly in the lending market.

Commenting on the announcement, Vishnu R Dusad, CEO & MD, of the Company said, "We are happy to be associated with Mashreq Bank and this partnership marks yet another client win in the Middle East region. The bank has chosen our solution because of our track record and our domain understanding of the industry. We are confident that our solution will help them achieve their overall business goals."

The Company's flagship product FinnOneTM is the "No. 1 Best Selling Retail Lending Software" globally. (IBS Publishing for the year 2006). With over 141 clients across the globe the Company is a fast - growing player with a leadership position in regions spanning APAC, Europe, Middle East and Africa. The Company, today commands leadership position in the domestic retail banking space with a client base comprising most leading banks in India. Experiencing exponential growth in the retail banking scenario, the Company is focused to deliver strong technology offerings, enabling financial institutions to meet the demands of the dynamic business world.

Source: Equity Bulls