FinnAxia is an integrated global transaction banking solution built on latest Java J2EE technology over Service Oriented Architecture (SOA) platform, which allows banks to break down traditional product silos, launch personalized products/services over multiple channels, achieve operational excellence and embrace digitization. The solution empowers financial institutions to establish and maintain a market-leading presence through the flexible, speedy and efficient execution of transaction banking processes.
Management of working capital is one of the most important activities a treasury department could engage in to improve an organization’s bottom line. Banks that empower their corporate treasury customers to become more efficient in this regard and serve their customers’ cash management and financial supply chain needs will enjoy enhanced customer loyalty and satisfaction.
FinnAxia is an integrated Transaction Banking solution enabling working capital optimization for corporate customers.
FinnAxia empowers financial institutions to rapidly respond to evolving market requirements along with transforming their customers’ treasury functions from transactional units to strategic profit centers. It is a future-ready transaction banking product suite that addresses their working capital management and transaction processing needs and increases customer satisfaction.FinnAxia offers end to end digital solutions across the corporate banking space which includes
a) FinnAxia Digital Compass (Corporate Portal) : Is a delivery channel for bank’s customers, offering convenience to bank anytime and anywhere. It allows banks to provide easy access to information from multiple downstream and upstream systems as relevant data into a single customerview. It is an easy to use, robust solution that provides direct access to a comprehensive suite of transaction banking products developed for bank’s corporate customers.
b) FinnAxia Global Payments : Is a value enhancing payments software that enables banks to manage domestic low-value and domestic high-value (wire transfer) payments, Real-time/immediate payments, Cross-border/International payments, Swift gpi for Corporates, Integrated foreign exchange (at payment initiation), Integrated payables and Controlled disbursement reporting.
c) FinnAxia Global Receivables : facilitates banks in defining flexible collection products based on corporate banking operating model, thereby, ensuring optimum fund consolidation viz; Electronic collections, Electronic invoicing and presentment, Account reconciliation, Lockbox reporting , Check remote deposit capture reporting and Integrated receivables
d) FinnAxia Global Liquidity Management : enable complete visibility into cash positions for their corporate customers. This results in better utilization of available funds and reduced interest costs through short-term bank borrowings. Liquidity Management helps the bank setup and manage complex Cash concentration /physical pooling, Notional pooling, Sweeps, Target/zero balance accounts,Cash flow forecasting, Intercompany lending for automated fund transfer and consolidation within the group.
e) FinnAxia Virtual Account Management : enables banks to issued shadow current accounts that replace real current accounts and instantly route payments and collections to a linked ‘master’ current account. The solution allows corporates to consolidate complex cash operations across banks and regions to improve both cash flow visibility and forecasting capabilities. It also helps in driving efficiencies, reducing the various costs associated with account transactions and improving the quality of accounts receivable reconciliation and payee identification process.
f) FinnAxia e-Trade Finance :provides corporate customers with a digital front end to not just apply for and view Letter of Credits (LCs), Letter of Guarantees etc. but also track bills under LCs/Collections. The portal provides a single, global view of the corporates’ trade finance business which helps reduce the risk of fraud and also enables the bank to make faster and more efficient financing decisions. Banks can reduce compliance costs and optimize working capital for their customers by simplifying and automating trade finance processes. With FinnAxia Trade Finance Portal corporate customers can initiate the full range of trade finance transactions including LCs, SBLCs, Guarantees, Shipping Guarantees, Collections, Remittances and Stand-alone Finance. The solution provides a single platform for importers and exporters. The importers can raise LCs which can be viewed by their exporters. On completion of the shipment of goods, exporters can raise bills online-which can either be tagged to an LC or be independent of one. The importers can then view and accept bills raised by the exporter or alternatively request a trust receipt loan against a raised bill.
g) FinnAxia e-Financial Supply Chain Management : enables banks to harmonize the supply chain of their corporate customers by offering them financing services. From financing against the invoices raised by suppliers on the corporate to financing dealers of the corporate against their payables to corporate, the solution helps the corporates optimize their working capital mix. Banks can now offer funds to suppliers and dealers in accordance with their need along the cash cycle.FinnAxia e-FSCM supports Pre-Shipment Finance (Purchase Order Financing) , Post-Shipment Finance (Account Receivables Financing (Invoice Discounting and Factoring) & Account Payables Financing (Invoice Financing and Reverse Factoring))
h) FinnAxia FarEdge Anomaly Detector : Analytics solution enabling banks to extract, analyze, interpret and transform their business data in order to detect fraudulent and dual transactions early and proactively act on it. Banks can discover triggers and situational interactions that are likely to produce fraudulent activity - empowering them to stop fraud in its tracks while saving both time and costs. The fast and highly interactive platform can simultaneously integrate with multiple applications at the same time through synchronous and asynchronous channels. It also has the capability of processing bulk transactions swiftly by maintaining a separate data warehouse and being loosely coupled from the main business application.
i) FinnAxia API Portal : Delivers a richer product portfolio through integration with Banks, FinTechs and other Systems.
i) API Management Portal : API portal allows creating and publishing API's through trusted sources and mapping them as per subscription policies.
ii) License Manager : Allows easy control to end -users to subscribed API's controlling the use of un-authorized access.
iii) Analytics : Descriptive analytics helps to gain insight into API usage patterns by customers
iv) Sandbox Testing : Allows outright experimentation from the pre-production environment.
v) Throttling : Supports rate limit and volume based throttling per API per user on an hourly / weekly/ monthly/ yearly basis.
vi) Oauth 2.0 : Provides as secure delegated access to server resources by using authorization server to issue access tokens
FinnAxia Transaction Banking Suite is based on Service Oriented Architecture (SOA) which provides the flexibility to integrate/interface seamlessly with 3rd party systems including legacy system through extensibility layer. It is based on multi layered architecture for appropriate division of work into layers and within that layer “component”, which is made to focus on specific “roles and responsibility” by using specialized localized internal architecture & most suitable techniques.
The advantage of this architecture underlined with J2EE architecture is, its ability of loose coupling of service, thereby providing the high degree of flexibility in fabricating an end to end service. Usage of J2EE architecture provides the standards for developing multi-tier enterprise applications, simplifies enterprise applications by basing them on standardized, modular components, by providing a complete set of services to those components, and by handling many details of application behavior automatically, without complex programming.
Banks face the following challenges:
1. Inability to acquire corporate clients
2. increased customer turnover
3. No single view of business
4. High cost, low margin, continuous revenue decline
5. Inconsistent delivery in the region
6. Inability to expand; increased global regulation and compliance demands
Below are the points where FinnAxia provides business values to banks to overcome above challenges:
1. Improve Customer Retention and Customer Experience
a. Increased Customer Satisfaction Due To Improved Range Of Products & Services
b. Increased Ability To Meet Client Demand For Supply Chain Finance Services
c. Increased Customer Satisfaction Due To Improved SLA Compliance
d. Increased Customer Satisfaction & Loyalty Due To Online Cash Management Offering
e. Increased Customer Satisfaction Due To Extended Service Hours With Global Processing
2. Increase New Customer Acquisition
a. Improved Market Position Due To Comprehensive Product & Service Offering
b. Improved Ability To Attract New Business With Supply Chain Finance Services
c. Extended Client And Market Reach Due To Supply Chain Finance Relationships
d. Extended Client And Market Reach Due To Global Processing Capabilities
e. Improved Ability To Win New Business Bids With Online & Multi-bank Capabilities
f. Improved Reputation For Service Excellence
g. Improved Ability To Win New Business Due To Extended Service Hours With Global Processing
3. Increase Fee and Float Revenue
a. Increased Transaction Throughput Due To Increased Process & Workflow Automation
b. Increased Transaction Throughput Due to Global Processing Capabilities
c. Reduced Risk Of Income Leakage Due To Billing Automation
d. Creation Of New Revenue Streams Due To Supply Chain Finance Services
4. Increase Cross-sell Rate
a. Improved Customer Insight Due To Supply Chain Finance Capabilities
b. Increased Client Reach Due To Supply Chain Finance Relationships
5. Reduce Operational Risk
a. Reduced Errors Due To Automation Of Manual Cash Management Processes
b. Reduced Errors With Front To Back & ERP Integration Due To Online Capabilities
c. Increased Visibility & Control Due To Centralization With Global Processing
d. Increased Standardization Of Cash Management Operations with Global Processing
e. Increased Standardization Of Cash Management Operations with Model Bank
6. Reduce Default Risk
a. Lower Risk Associated With Approved Payables Financing Due To SCF Capabilities
b. Reduced Risk Of Limit Breaches Through Easy Integration With Bank-Wide Limits System
7. Free up Capital Reserves
a. Reduced Consumption Of Risk Weighted Assets Due To Supply Chain Finance Activity
8. Reduce Costs Related To Document Handling
a. Improved ability To Reduce Spending On Paper And File Storage
9. Reduce System Costs
a. Moving From Legacy System(s) To A Single Modern Technology Platform
b. Centralizing Cash Management Operations
c. One Platform For Cash Management & Supply Chain Finance