India-based Nucleus Software, the provider of lending and transaction banking solutions to the financial sector, has unveiled the new version of its transaction banking solution FinnAxia 6.5.
The new version is Nucleus Software’s latest attempt to enable players in the financial industry to not only deliver real-time, multi-channel financial services but to also do that whilst protecting themselves against fraud and hack attacks.
FinnAxia’s latest version introduces new real-time artificial intelligence-enabled anomaly detection capabilities. The idea is that it will be able to detect fraudulent and duplicate transactions faster. FinnAxia also support instant payments and provide virtual account management. Moreover, the software is SWIFT gpi-enabled.
Ravi Pratap Singh, the CEO of Nucleus Software, said, “Two of the biggest current trends in the transaction banking space are the need of instant access to transaction information by corporate customers, thanks largely to the instant payments infrastructure being rolled out by regulators globally and the rising threat of cybersecurity.”
Cybersecurity in the financial sector has been growing significantly over the past five years. Indeed, FinTech Global’s latest research into the funding of the RegTech sector revealed 21.3 per cent of the investment into the sector between 2014 and 2019 went into cybersecurity companies. Moreover, the percentage of the investment into the RegTech sector has jumped from 18.4 per cent in 2014 to 36.9 per cent in the first six months of 2019.
While 14 per cent of the total capital invested in RegTech in 2018 were into cybersecurity companies, that still represented $627.3m t. That is an increase from the $170.1m invested in cybersecurity in 2014.
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