India-based private sector lender Federal Bank has selected software product company Nucleus Software to launch a new transaction banking platform, dubbed FedOne.
Powered by Nucleus Software’s transaction banking platform FinnAxia, the new platform marks a major step in the bank’s efforts to modernise its corporate banking services.
This move is also expected to deliver enhanced value to corporate and small and medium sized enterprise (SME) clients. The implementation of FinnAxia was completed within 10 months.
Nucleus Software managing director and co-founder Vishnu Dusad said: “This collaboration extends beyond technology; it’s about creating sustainable value and enhancing the customer experience.
“Together, we aim to redefine what’s possible in corporate banking by delivering agile, responsive solutions that meet the dynamic needs of the market.”
By adopting the new platform, the Indian bank aims to leverage emerging business opportunities along with delivering swift, reliable, and advanced financial solutions to clients.
The platform brings several transformative features to the bank’s corporate banking operations. Federal Bank has reengineered its processes to improve efficiency, ensuring faster turnaround times and higher service quality for its clients.
Additionally, FinnAxia enables corporate customers to manage their treasury functions more effectively, transforming them into dynamic and profitable operations with better support for working capital management.
By embracing advanced technology, Federal Bank intends to enhance its corporate banking services, creating a seamless and superior customer experience.
Federal Bank executive director Shalini Warrier said: “At Federal Bank, we recognise that the future of banking is digital and customer-centric.
“The successful implementation of FedOne developed in collaboration with Nucleus Software’s FinnAxia, not only strengthens our corporate banking capabilities but also reinforces our commitment to delivering hyper personalised solutions that meet the evolving needs of our clients.”
