Eximbills Enterprise is an integrated system that audits and automates the complete cycle of trade finance transactions, in real time and in accordance with SWIFT and UCP standards. This allows for a rapid yet comprehensive installation for banks wishing to implement on a strict time scale. The system is able to save bank's time and money by Straight Through Processing to automate the creating of records from incoming SWIFT messages, passing accounting entries, producing customer advices, and making payments with little or no user intervention.
This system enables an institution to analyse overall exposure, productivity and profitability. Data verification and transactional status control, which occur throughout the transaction’s life cycle, help increase accuracy, productivity and reduce the risk of processing errors, as Eximbills Enterprise is able to automatically calculate commissions, foreign exchange equivalents and liabilities. Turn around time for an Import Letter of Credit can be reduced by over 40%, with institutions seeing productivity gains of 200%. Management also benefit due to the reduction in paperwork and the provision of accurate and timely reporting.
Eximbills Enterprise is able to track a trade finance transaction through the various fee-generating stages, and is flexible in compliance with the rules governing International Trade.
Eximbills Enterprise covers all the standard processing requirements for the following instruments:
- Import/ Export Letters of Credit
- Standby Letters of Credit
- Documentary and Clean Collections
- Letters of Guarantee
- Shipping Guarantees
- Inward/ Outward Payments
- Trade Finance Loans
- Factoring
- Forfaiting
- Syndications/ Participations
- Trust Receipts
- Commercial Loans
Eximbills Enterprise can interface with most payment systems, SWIFT, telex, fax and email systems.
Standard functionality over all products includes:
- Calculation of charges, liabilities, margins, fees and foreign exchange equivalents
- Generation of accounting entries, including liabilities
- Production of documents, letters, advices, telexes, and SWIFT messages
- Reporting to management and customers
- Follow-up processing, such as amendments and tracers
- Fast inquiry into transaction status
- Automatic settlement of fees in any currency
- Tracers and reminders generated based on ad hoc or predefined criteria
- Multi-branch processing allowing different fee calculations, format for documents, advices and different base currencies
- Form and clause maintenance
Eximbills Enterprise provides a cycle of automated processing methods for every possible transaction type or variation. Eximbills Enterprise handles the transaction from beginning to end and provides full audit information.
Eximbills Enterprise Technology
Designed using J2EE technology (Java 2 Platform Enterprise Edition) for building Web-based enterprise applications, Eximbills Enterprise runs on a very robust technological platform that allows bank to take their destiny into their own hands and quickly adapt to the market’s changing business needs. This solution allows bank to be completely independent from any application vendor, thereby giving them a higher degree of control over future cost involved in the rollout of business functionality via the web.
Eximbills Enterprise primary objective is to provide the state-of-the-art technology to meet the demands of the top-tier oragnisations in Trade Finance.
These demands are summarised below:
- Provide an operation that offers significant cost reductions
- Demonstrate that such an operation benefits from true economies of scales
- Centralisation of system and back-office operations to share operation costs across a wider population
- Better manage counterparty risk. That is by client, correspondent, country and market
- Leverage the opportunities arising from the Internet
- Support various business models (e.g. white-labelling)
- Utilise a wide variety of distribution and delivery channels such as the branch network, the internet, and call centers.
- Protect or expand marketshare
- Long term investment protection by using the latest, proven technology
Eximbills Enterprise has translated these demands into specific characteristics. These are in summary:
- Advanced multi-entity capability
- To ensure that the various organisational needs are met for domestic branches, foreign branches, independent subsidiaries, and white-labeling services
- Straight Through Processing
- To minimise manual intervention ensuring cost reduction
- Compliance with industry standards
- Entity/Relation based Data Model
- With a built-in compliance to SWIFT standards
- Avoid redundant data definition
- Strong communication capabilities with other systems:
- To achieve Straight Through Processing
- To communicate with risk and accounting systems
- Multiple platform (starting with Mainframe)
- To provide large throughput
- To protect the IT investment
- System Flexibility
- To adapt to market changes and thereby provide investment protection
- State of the Art technology (J2EE, XML, Servlet-based)
- Standards endorsed by many major IT players (IBM, Sun, BEA, Oracle, ...)
- Transparent remote access from thin client via Internet/Intranet/Extranet
- Cross-platform portability
- Processing distributed but without distributed systems
- Easy communications with other systems and applications
Eximbills Enterprise uses Java 2 Platform Enterprise Edition (or J2EE) technology on a wide range of hardware platforms, which enables bank customers to access authorized data using browser-based technology. Eximbills Enterprise architecture is based on de facto and international standards, using mainly off-the-shelf components.
Eximbills Enterprise cross-platform and Multi-RDBMS design gives banks great flexibility in choosing the platform and web servers that fit their technology standards. The bank can use the standard web developing tools such as Front Page, DreamWeaver, Websphere Studio to design the web pages and integration with the parameter system.
In addition, Eximbills Enterprise supports web servers such as WebSphere and Weblogic running on Windows 2000, Unix, Linux and mainframe web servers. Moreover, Eximbills Enterprise is flexible and can support any RDBMS namely, Oracle, DB2 and Informix.
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