Newgen Software, a leading global provider of digital transformation products, launched the world’s first low code Trade Finance platform at the recent customer meet in Mumbai.
Trade finance is a complex process as it involves a lot of paperwork, multiple stakeholders, and compliance requirements. Newgen’s comprehensive, configurable, and future-ready trade finance platform helps banks go paperless and streamline their end-to-end trade processes while ensuring compliance with domestic and international regulations.
“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,” said Virender Jeet, CEO, Newgen Software.
“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 turn around 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,” said Tarun Nandwani, COO, Newgen Software.
The platform is a perfect amalgamation of expertise from trade and technology domains as it is developed and implemented by veterans of the banking industry. Real-world scenarios have been incorporated into the platform in collaboration with some of Newgen’s marquee customers. Equipped with new-age technologies like AI/ML and robotic process automation, the platform enables trade transaction origination, transaction processing, and document management. With the platform, banks can cater to all trade finance needs, including documentary products, guarantee products, payments, SWIFT, purchase order financing, and invoice discounting.
