Nucleus Software’s new banking solution offers real-time visibility of cash positions
In this age of hyper connectivity, where consumers have little tolerance for delays and errors, banks need to provide corporate treasurers with high quality products and services, fast and with accuracy. RP Singh, CEO, Nucleus Software, says, “Research shows that 70% of corporate treasurers consider the provision of real-time systems as the most important factor when establishing a banking relationship.”
Recently, Nucleus Software introduced the latest version of its transaction banking solution FinnAxia 7.0. With this, it has brought in a virtual account management (VAM) solution designed to enable banks to open virtual accounts for their corporate customers—accounts that can replace real current accounts and instantly route payments and collections to a linked ‘master’ current account. Reducing the number of physical accounts helps streamline the corporate accounts receivable process, ensuring faster payee identification, error-free reconciliation, reduced days sales outstanding (DSO) and improved working capital management.
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With FinnAxia VAM, banks can centralise cash operations for their corporate customers, providing real-time visibility and better control of liquidity positions along with enhanced forecasting capabilities for faster and more informed decision making. Banks can also provide a range of self-service options to corporates—allowing them to design complex shadow account hierarchies for a real physical account in line with their specific business needs.
The solution increases the addressable market for banks as pension funds and mutual funds companies handling client money can leverage the solution for client money management through notional segregation of the clients’ money using shadow accounting and shadow balance tracking at the virtual account level. Corporates can slice and dice reports as per their business needs with the solution offering the flexibility to structure, segregate and aggregate data.
“FinnAxia VAM enables banks to provide an enhanced customer experience, reduce their operational costs through high STP rates combined with low IT expenses, and also improve their compliance to regulations such as BASEL III, IFRS and BEPS,” Singh said, adding, “With the latest release of FinnAxia, banks will be well placed to help their corporate customers finally realise their real-time treasury vision.”