Nucleus Software (NSE: NUCLEUS), a leading global provider of next generation software products for banking and financial sector today announced its deal with Mashreq Bank, UAEâs largest private bank, for its flagship product FinnOneTM Finance Against Securities (FAS). The solution has been implemented across the bankâs 46 branches.
This deal marks yet another win for Nucleus in the Middle East region. FinnOneTM FAS implementation will help enhance the bankâs turnaround time in approving loans against securities, determining and managing the credit limit for a customer.
FinnOneâ¢ Finance Against Securities (FAS) is a comprehensive solution that 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.
The bank implemented FinnOneâ¢ solution across its 46 branches in the UAE region, in its endeavour to refurbish its lending operations. This implementation is seen as a strategic move by the bank to increase its market share significantly in the lending market.
Commenting on the announcement, Vishnu R. Dusad, CEO & MD, Nucleus Software, said, "We are happy to be associated with Mashreq Bank and this partnership marks yet another client win in the Middle East region. The bank has chosen our solution because of our track record and our domain understanding of the industry. We are confident that our solution will help them achieve their overall business goals.â
Alexander Sinclair, CEO, MindScape, the IT arm of Mashreq Bank, commented âMashreq Bank understands and values the importance of regular updates in its IT solutions, the policy was always to choose the best and the most secure software products, for this, we have chosen the FinnOneâ¢ solution from Nucleus Softwareâ.