Trade Execution

Overview

Designed by bankers & experts in trade finance and technology, Newgen Trade Finance Solution accelerator is a revolutionary concept that thinks, acts and operates in the same way as a bank’s trade finance operation. The unique solution enables banks to process trade finance business both efficiently and cost-effectively, thereby providing banks the edge they need to stay ahead of the competition.
Newgen, through its out-of-the-box adaptors and integration technology, seamlessly integrates its Trade Finance Solution Accelerator with core banking systems. It provides domain rich out of the box Trade Finance Solutions accelerator and addresses all of the above challenges faced by banks today. Newgen Trade Finance Accelerator automates end-to-end trade finance processing, ensures compliance and reporting of documentary credits, collections, guarantees, payments, reimbursements and financing.
Newgen Trade Finance Accelerator is built atop of Newgen iBPS product framework in a paperless and electronically driven workflow environment. The Trade Finance Accelerator mimics the advantages of a packaged solution with its deep domain capabilities and the underlying BPM framework lends flexibility to allow bank specific configurations to be made easily which is not possible in packaged solutions which are hard coded to a large extent.

Key Features

• Multiple initiation channels- Transaction initiation through Branch walkin, Customer web portal, handheld devices
• Customer Information Exchange- Automatic retrieval and population of customer details like address, contact details, DDA and limit account details from core banking system
• Intelligent Data Extraction- It reduce the Data entry effort substantially
• Straight through processing- This feature with automated rules engine will eliminate the need for reviews for cases meeting the bank’s requirements
• Limit Availability Check- Fetch and earmark limits, and push limit utilization data for each transaction
• Posting Transactions- Post transactions directly into core banking system in respective GLs and customer DDA accounts, for a new letter of credit including charges, fees, etc
• Trade Loans- Pushing export advance / banker’s acceptance details , fetching the loan account number and repayment schedule
  Updating payments / realizations: Updating realization of export proceeds against export bills under LC / Collections or making import bill payments and recording unique transaction reference numbers in return
• Connecting Disparate Applications- To ensure seamless transaction the solution also integrates with other applications such as CBS, SWIFT, Schedule of Charges, Compliance checking tools etc. to provide a single and unified interface for the banker
• Compliance- Business rules engine ensures automation of Bank’s internal policies and compliances, UCP and Central bank regulatory compliances
• Automated communication- Inbuilt communication system to create emails, letters, follow ups, ticklers and tracers. System generated Export Cover Schedules, Export LC Advising Letters, DAN/Intimation Letters, Debit Advices etc. as per bank specific templates and branding guidelines. Generation & posting of event based charges, accounting entries and generation of SWIFT messages, covering all Mts
• Monitoring- Business activity monitoring module to monitor processes, resource utilization, generate transactional and regulatory reports and create user specific dashboards. Historical data for each transaction is recorded and maintained in trade solution itself. Master data management module is there to manage various masters