NEW DELHI : Union Bank of India (UBI) has launched a digital solution, ‘Trade nxt’ to ease all cross-border export-import transactions for corporates and Micro, Small and Medium Enterprises (MSMEs).
The online platform provides 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.
Companies using the online platform will not have to visit a bank branch to initiate a trade transaction as the digital solution by UBI ensures better governance with enhanced security and controls.
The bank assures that the ‘Trade nxt’ platform will 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.
In March, 2022 Union Bank of India had added more 25 next-gen MSME branches near SME clusters, taking the tally to 50 locations across India.
The Union MSME First Branches (UMFB’s) solely focus on MSME customers, enabling fast processing & better servicing of its MSME client.