Nucleus Software launches FinnAxia 7.0; introduces VAM

On Tuesday, Nucleus Software, a leading provider of lending and transaction banking solutions to the global financial services industry, announced the launch of the latest version of its transaction banking solution-FinnAxia 7.0.

With the launch, Nucleus Software introduces a sophisticated Virtual Account Management (VAM) solution designed to enable banks to open virtual accounts for their corporate customer's 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.

FinnAxia VAM also helps the banks, onboard customers, faster with a number of features including an AI-based intelligent text extractor. In addition, the VAM-enabled banks provide 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.

Speaking on the announcement, R. P Singh, CEO of Nucleus Software said that with the latest launch, banks will be well-placed to help their corporate customers finally realise their real-time treasury vision.

Nucleus Software Exports Limited specializes in the development and production of software systems, in addition to the supply of various support and technical advisory services.

On Tuesday, the stock of Nucleus Software closed at Rs 226.40, down by 9.19 per cent or Rs 22.90 per share. The 52-week high is recorded at Rs 397.80 and 52-week low is Rs 223.65 on BSE.