One of India's largest government-owned banks has launched an online platform for providing comprehensive cross-border trade finance services to Indian exporters and importers.

Union Bank of India (UBI) says its 'Trade nxt' platform offers, amongst other features, seamless entry and processing of letters of credit (L/Cs), bank guarantees, export and import bills, disbursement of export credit, outward and inward remittances and dealer financing.

24/7 access

The digital banking platform aims to enable corporates and smaller firms to transact all cross-border export-import transactions in a convenient way as it offers an array of services in one place.

This eliminates the need for companies to visit a bank branch to initiate a trade transaction and ensures better governance with enhanced security and controls. Companies can now initiate a transaction at any time or location in a safe and secure manner.

Regulatory requirements

The platform will also enable regulatory online auto reporting through an import data processing and monitoring system and an export data processing and monitoring system while other statutory reporting requirements can also be fulfilled.

'Trade nxt' uses artificial intelligence and features customised dashboards, OCR text recognition and bulk upload capabilities.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.