Nucleus implements software in UAE's largest bank

New Delhi, Mar 13 (UNI) Provider of next generation software products for banking and financial sector Nucleus Software today said it secured an order from Mashreq Bank, the UAE's largest private bank, for implementation of its flagship product.

The company said the solution, FinnOneTM Finance Against Securities (FAS), has been implemented across the bank's 46 branches.

''This partnership marks yet another client win in the Middle East region. We are confident that our solution will help the bank to achieve their overall business goals,'' Nucleus Software Chief Executive Officer and Managing Director Vishnu R Dusad said.

FinnOneTM FAS implementation will help enhance the bank's turnaround time in approving loans against securities, determining and managing the credit limit for a customer.

The product establishes credit lines to individuals and corporates against the pledging of financial securities like shares, debentures, units, etc.

Objective of the product is to value the collateral security provided by the customer in order to determine credit worthiness. As market value of the security offered is very volatile in nature, the system conducts valuation on regular intervals.

UNI