UAE-based financial institution Rakbank has selected low code digital transformation platform provider Newgen Software Technologies to transform its business finance operations.

Newgen Software said that Rakbank will leverage its Trade and Supply Chain Finance (SCF) solution to digitise and streamline its end-to-end business finance processes.

The Trade Finance and SCF solution, which is built on low code digital transformation platform NewgenONE, will enable Rakbank to easily automate the origination and processing of transactions.

Newgen Software said that the low code-based configurable solution integrates the Trade and SCF portal to link the front and back-office processing systems. This facilitates the orchestration of the entire customer journey along with guaranteeing compliance with international regulations.

Newgen Software chief operating officer Tarun Nandwani said: “Our Trade Finance and SCF solution, powered by NewgenONE, offers a combination of low code configurability and comprehensive functionality.

“By providing a unified front and back-office processing system through the Trade and SCF portal, the solution will enable RAKBANK’s customers to seamlessly connect with the bank to conduct international trade business and supply chain finance services.”

Customers of Rakbank will have access to an online site to start and manage all their transactions. It is expected to improve convenience and service quality.

The solution will also allow strong integration with external applications as well as equip users with a real-time performance dashboard for complete operational visibility.

Rakbank chief operations officer Peter Roberts said: “Through our collaboration with Newgen, we are committed to delivering a seamless and efficient experience for our customers, allowing them to navigate the complexities of trade and supply chain finance with ease.

“The solution will provide real-time visibility into transactions, automate manual processes, and mitigate risks, enabling our customers to make informed decisions and optimise their financial operations.”

Established in 1976, the public joint stock company Rakbank is also known as the National Bank of Ras Al Khaimah.