Federal Bank, one of India’s largest private sector bank, today launched FedOne, a new transaction banking platform powered by Nucleus Software’s FinnAxia solution. The implementation, completed after a 10-month collaboration, aims to modernize the bank’s corporate banking services.
The shares of Nucleus Software Exports Limited were trading at ₹1,069.90 up by ₹32.10 or 3.09 per cent on the NSE today at 1.25 pm.
The new platform is designed to streamline treasury operations for corporate customers, offering enhanced working capital management capabilities and faster service delivery. Federal Bank, which operates through 1,546 banking outlets and 2,052 ATMs/Recyclers across India, reported a total business mix of ₹4.99 Lakh Crore as of September 30, 2024.
Shalini Warrier, Executive Director of Federal Bank, emphasized that the platform will enable hyper-personalized solutions for clients while improving operational efficiency. Vishnu R. Dusad, Managing Director and Co-founder of Nucleus Software, highlighted the platform’s role in driving strategic growth and innovation in corporate banking.
Nucleus Software, a publicly traded company on Indian bourses, currently supports over 200 financial institutions across 50 countries. Its platforms manage more than US $700 billion in loans globally (excluding India) and facilitate over 26 million daily transactions through its transaction banking platform.
The bank maintained a Capital Adequacy Ratio of 15.20 per cent as of September 30, 2024, and operates Representative Offices in Dubai and Abu Dhabi, along with an IFSC Banking Unit in GIFT City.