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Nucleus Software Launches FinnAxia 6.5; Introduces Real-time Payment Fraud Detection and Prevention Using Artificial Intelligence

twitter-logo PTI        Last Updated: July 25, 2019  | 13:23 IST

(Eds: Disclaimer: The following press release comes to you under an arrangement with PR Newswire. PTI takes no editorial responsibility for the same.) · Offers better support for real-time faster payments · Offers a range of supply chain finance instruments such as dynamic discounting NEW DELHI, July 25, 2019 /PRNewswire/ -- Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, announces the launch of the latest version of its transaction banking solution FinnAxia 6.5. As the business world becomes more hyper-connected and supply chain ecosystems change rapidly, financial institutions are under increasing pressure to deliver real-time, integrated financial services across multiple channels, while also rapidly bringing new products to market, and swiftly taking advantage of opportunities as they arise. But, in addition to many benefits it brings, the dramatic rise in real-time, digital transactions has also made financial services more vulnerable to payments fraud and cyberattacks. To counter the threat, it has become imperative for financial institutions to modernize their technology infrastructure to enhance security and resilience while also improving speed and efficiency. Recognizing the growing challenges posed by digitization, the latest version Nucleus Software's comprehensive transaction banking solution FinnAxia introduces a revolutionary real-time AI-enabled anomaly detection capability, which enables financial institutions to detect fraudulent and duplicate transactions early and proactively act on them. In addition to supporting instant payments and providing sophisticated virtual account management, FinnAxia 6.5 is also SWIFT gpi-enabled allowing businesses to track the status of their transactions in real-time. Hyper-connectivity has also increased corporates' dependency on their supply chain ecosystems, which frequently consists of large numbers of relatively small suppliers. Working capital finance can be difficult to obtain for these smaller suppliers, and its absence can impact the profitability of the corporates themselves. FinnAxia 6.5 helps banks address the challenge by offering 4 corner, 3 corner and point supply chain finance models. Also a range of supply chain finance instruments such as dynamic discounting to their corporate customers thereby ensuring a more collaborative and productive ecosystem Mr. R. P Singh (CEO, Nucleus Software) said, "Two of the biggest current trends in the transaction banking space are the need of instant access to transaction information by corporate customers, thanks largely to the instant payments infrastructure being rolled out by regulators globally, and the rising threat of cyber security. The latest release of FinnAxia helps banks to thrive in this extremely dynamic market by enabling faster banking, faster funds tracking, real-time payment fraud detection and prevention using Artificial Intelligence/Machine Learning and comprehensive ecosystem management for their corporate and SME customers. Every release of FinnAxia builds upon the deep expertise that we have gained from working with transaction banks across the globe - national champions or multinational players." About Nucleus Software: Nucleus Software (BSE: NUCLEUS) (NSE: NUCLEUS) is the leading provider of lending and transaction banking products to the global financial services industry. Its software powers the operations of more than 150 companies in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas. Nucleus Software is known for its world-class expertise and innovation in lending and transaction banking technology. It has two flagship products, built on the latest technology: · FinnOne™ 10 time winner - World's Best Selling Lending Solution. · FinnAxia™, an integrated global transaction banking solution used by banks worldwide to offer efficient and Innovative global payments and receivables, liquidity management and business internet banking services. · PaySe™, the world's first offline digital payment solution offering online capabilities, is designed and created with an aim to democratize money. Click here to know more about the company: www.nucleussoftware.com Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit: http://www.nucleussoftware.com/safe-harbor?preview=true PWR PWR

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