Fintra

1.The Trade Finance solution developed by Fintra and in the process of enhancements has got the following major features:

a.Unitary banking – where transactions are processed and completed at each branch independently

b.Global banking – where transactions are processed in Hub and Spoke Model viz., branches are connected to a or few Central Processing Centres.As per latest trends, this model is mostly preferred by banks due to

i.Requirement for limited domain specialists

ii.Centralized operations which help manage statutory obligations effectively

iii.Reduction of resources

iv.Advantages of rolling out new products quickly

v.Cost effectiveness

c.External integrations – integration with External Credit Agencies, Courier Agencies and Statutory systems

d.Ability to integrate with Blockchain seamlessly

2.Fintra is also having a Factoring solution. Fintra has already bagged a contract for implementing this product in UAE at Dubai.

Marketing:

The marketing strategy of Fintra is as follows:

Model 1

Direct marketing of the product with various banks by way of giving Demo directly and exploring options as a start up.Being a Start up, this Model is not likely to gain much traction for the next one year.

Model 2

Marketing along with other Integrators.We would like to point out that the strength of Fintra does not lie in getting big deals in the beginning.Rather, our strength is the quality of our product. It is the quality and versatility of the product that sets us apart from the others in the Industry.Our USP lies in the following:

ØMeeting the niche requirements of the banks

ØAbility for quick TAT and helping clients change products suitably as per market demands and statutory guidelines

ØConfigurability of products even in respect of major areas such as Accounting Entries, SWIFT, GST implications without major change in coding

ØQuality, Speed and Efficiency of the company

ØAdvanced technology – our products are developed in most modern languages such as Node JS, Angular, Bootstrap etc. which require lesser time and effort in coding compared with the traditional languages such as JAVA, COBOL etc.

ØOur Technology will be leading for the next 10-20 years in the market.

Imports:

uIssue, amend and reverse Letter of Credit

uRegister documents, acceptances

uRetirement of documents under Letter of Credit & Collections

uOpen Accounts and Avalization

uInward Bill Discounting

Exports:

uAdvising Export Letter of Credit including Confirmation/Transfer of Letter of Credit

uRegister/send Documentary & Non-documentary collections

uNegotiation/Discounting of Export LC & Non-LC bills

uRealization of collection/negotiation/discounted bills

uFactoring and Reverse Factoring (Anchor)

Inland Bills and Guarantees:

uInland LC Issue & Retirement of Bills

uNon-LC collection bills

uInland LC Advising, Collections & Negotiations

uInland Non-LC Bill Discounting

uIssue, amend outward Bank Guarantees & Advise inward Bank Guarantees

uRegister Claim and Settle/reject Claim

uLegal suspension of Guarantee

Our USP:

uEnables Branch Banking as well as centralised processing for Trade Finance transactions

uFacility to create diverse and varied products: Multiple variants of products within each Module

uSix-eye principle (Maker, Reviewer, Authorizer)

uAbility to define Global, Regional and Client-specific features:

ØPeriodical upgrades are given without disturbing this architecture.

uBank configurable Swift messages and Fees

uArchitectural Highlights:

ØRESTful business services delivered through high performance Node JS

ØAngular based SPA (Single Page Architecture)

ØOnline and Realtime solution deployable for high availability

ØChoice of databases:

ØPopular RDBMSs: Oracle or MySQL or

ØIndustry leading NoSQL MongoDB

uDynamic search based on multiple criteria such as Reference ID, Name, Address together

uConfiguration of Swift messages without dependence on vendor including new messages that may be introduced by Swift

uMulti-currency Accounting entries posting to Core Banking

uOnline Real Time Interface with Core Banking system of the bank for limit validation, lien-marking, accounting entries and Master Data fetching

uConfiguration of Trade Finance Fees for up to 5 fees in a transaction

uDeferral of charges and later realizations

uStorage and retrieval of Master Data e.g., Customer, Bank etc.

uDocument Masters, enabling pre-configuration of document name, description etc.

uContent Masters, enabling users to store content and retrieve during transaction processing

uDocument upload, enabling up to 20 jpg/pdf documents upload

uAuto-display of System identified discrepancies plus facility to manually add more discrepancies

Existing Solutions for Trade Finance:

üTrade Finance transactions as part of Core Banking Solutions: Banks use their existing Core Banking software to meet their trade needs, which cannot withstand the data intensive requirements of a typical Trade Finance transaction.This results in non-capture of critical additional data elements and information which affects the statutory and reporting requirements of the bank.

üIn-house Applications: Some Banks have developed and use their own in—house solutions to meet their requirements. These do not meet their comprehensive requirements.In most of these cases, document management and reporting requirements are not met.

üExclusive third-party solutions: Some Banks have sourced exclusive Trade Finance solutions. While these Solutions address the above-mentioned two aspects, the rigidity of must such products to meet the exclusive bank specif and region specific requirements, as also the reluctance of the Solution owner to customize the product leaves the banks wanting in their quest to achieve their desired output and quality.

üLack of Customer-centric features: More than 75-80% of the Solutions on Trade Finance do not offer customer front-end to their clients.Those which have customer front-end also do not have a comprehensive solution for all the needs of the customer.

FINTRA’s Trade Finance solution is a panacea for all these limitations. It takes care of exhaustive capture of data elements, statutory requirements, customer front-end, storage of documents and transmission of document images from customer to Bank and vice-versa.It is flexible enough to enable addition of bank’s new requirements by way of bank-specific customizations as also mask bank-specific product features from rest of the Industry.

Areas where FINTRA addresses the challenges of the current day environment in TRADE FINANCE:

Area of activity

Challenges faced by bank

Fintra’s solutions

Receiving customer requirements

The customer requirements are manually received by way of physical documents

Customer can initiate transaction online and submit data to bank on the GO by uploading scanned images.Physical documents can follow, but Bank need not hold processing till they are received.

Data input

After receiving documents, lot of data input is required

The data submitted by customer is available for vetting and processing.

Bank guidelines

Manual compliance of bank guidelines for exception processing

Exception processing can be flagged and appropriate alerts generated

Regulations

Manually handled to meet requirements of each authority

Fintra enables pre-configured reports which can be transferred to the Statutory authority through identified software

Repetitive transactions

Consumes lot of time

Fintra enables repetition of similar transactions to save for the users thus avoiding monotony.

Resource management

Bank needs to position at least one Trade Finance resource per active branch

FINTRA software can enable customers as well as branches to input basic data which does not call for expertise and rest of the processing can be done at the dedicated Trade Finance cell of the bank.

Trade Finance know-how

All the resources need to be abreast with knowledge required

Subject know-how can be restricted to limited few who actually process the transactions.

Automation

Lack of automation and need for repetitive activities

Enables automation by which both the bank and customers save on input and ensures greater communication and transparency

Email/SMS/Advices

Need to send specific emails/sms

Emails/sms/Advices can be linked to transaction processing and triggered automatically

TATs/SLAs

Cannot be tracked scientifically

TAT for specific transactions can be defined and missed TATs/SLAs can be tracked. Besides email/sms alerts can be sent

Authorization

Authorization matrix cannot be defined and the standard maker-checker process need to be followed

Enables transaction-specific configuration of Authorization Matrix which gives greater degree of security to the bank and client.

SWIFT

SWIFT transactions need to be individually triggered which may lead to frauds and delays

SWIFT messages are auto-triggered from the Application.Incoming messages can also be processed by transfer of data from SWIFT to Trade Finance.