India’s Federal Bank launches digital transaction banking platform FedOne powered by Nucleus Software
Federal Bank, the sixth-largest private sector bank in India, has partnered with Nucleus Software to launch a new digital transaction banking platform called FedOne designed to help streamline treasury operations for its corporate clients.
Federal Bank launches FedOne transaction banking platform
The new offering is being powered by Nucleus Software’s FinnAxia solution.
FinnAxia enables financial institutions to manage collections, payments, trade finance, liquidity and financial supply chain management, and other transaction banking operations within a single platform.
Nucleus Software says the partnership “signifies a transformative moment in modernising Federal Bank’s corporate banking services”, adding that the launch of FedOne follows an “intensive 10-month collaboration” between the two organisations.
The FedOne platform includes real-time reporting features, bulk Central Board of Direct Taxes (CBDT) payment capabilities, and more.
Nucleus Software, also based in India, currently supports more than 200 financial institutions in 50 countries and processes more than 26 million transactions daily through its transaction banking platform. Furthermore, according to the fintech, its lending platform manages over $500 billion in loans in India and more than $700 billion worldwide.
Headquartered in Ernakulam, Kerala, Federal Bank operates a vast network of 1,546 branches and 2,052 ATMs/recyclers across India. As of 30 September 2024, the bank manages deposits and advances totalling over ₹4.99 lakh crore (approximately $60 billion).
