Newgen Introduces Low Code Trade Finance Solution for Banking Institutions
Newgen Software, a global provider of digital transformation products, has introduced what it claims to be the first low code trade finance platform at the recent customer meet in Mumbai, India.
Trade finance is a fairly complex process as it involves a lot of paperwork, several different stakeholders, and compliance guidelines. Newgen’s extensive, configurable, and future-compatible trade finance platform helps banking institution with going paperless and improving their end-to-end trade processes while also ensuring compliance with local and global regulatory requirements.
Virender Jeet, CEO, Newgen Software, said:
“The trade finance software market revenue is projected to grow to $2.9 billion by 2027. Given the growing need for automating the manual and paper-heavy trade finance process, we, with our modern trade finance platform, are well-poised to capitalize on this opportunity. The low code platform enables the last mile automation based on the evolving needs of businesses and customers. We are really excited about this launch and are confident that this will play a pivotal role in accelerating our company’s growth.”
Tarun Nandwani, COO, Newgen Software, remarked:
“Newgen’s Trade Finance platform will drive end-to-end automation, empowering banks to offer highly specialized trade services. Our platform enables automation of trade origination while reducing the turnaround time by about 50%. Also, it can be configured easily to launch any new structured trade finance products. The platform is futuristic and blockchain-enabled. It provides cloud-native architecture and low code integration engine to enable unified processing of trade transactions.”
The platform is described as an amalgamation of expertise from trade and technology domains as it is implemented by veterans of the banking sector.
Real-world scenarios have reportedly been incorporated into the platform in collaboration with some of Newgen’s key clients.
Equipped with technologies such as AI/ML and robotic process automation, the platform supports trade transaction origination, transaction processing, and document management.
With the platform, banking platforms are able to cater to various trade finance requirements, such as documentary products, guarantee products, payments, SWIFT, purchase order financing, and invoice discounting.