Union Bank of India (UBI) has launched a digital solution, ‘Trade nxt’, to enable corporates as well as MSMEs to transact all cross-border export-import transactions.
The online platform offers seamless entry and processing of letters of credit (LC), bank guarantees, export and import bills, disbursement of export credit, outward & inward remittances, dealer financing, and much more, per the public sector bank’s statement.
Varied services offered
“It offers an array of services in one place, which eliminates the need for companies to visit a bank branch to initiate a trade transaction and ensures better governance with enhanced security and controls,” the Bank said.
‘Trade nxt’ platform will also enable the regulatory online auto reporting through Import Data Processing & Monitoring System (IDPMS), Export Data processing & Monitoring System (EDPMS), and other statutory reporting pertaining to ODI/ FDI/ LRS transactions, it added.