Key Features of Verasis Trade Finance

Verasis Trade Finance runs on a very robust and modern technological platform (.Net and Relational Database). This allows financial institutions to take their destiny into their own hands, quickly adapting to the market’s changing business needs.

It also enables them to be completely independent of any application vendor, thereby giving them a higher degree of control over future costs involved in the rollout of business functionality.

Standard Verasis Trade Finance functionality includes:
  • Calculation of charges, liabilities, margins, fees and foreign exchange equivalents
  • Complete accounting function
  • Workflow management
  • Credit calculation, management and authorisation
  • Automated production of documents, letters, advices, and SWIFT messages
  • Reporting to management and customers
  • Follow-up processing, such as amendments and tracers
  • Fast inquiry into transaction status
  • Automatic settlement of principal, interest, commission and fees in any currency
  • Tracers and reminders generated based on ad hoc or predefined criteria
  • Multi-branch processing allowing different fee calculations, format for documents, advices and different base currencies
  • MS Word Integration and Crystal reporting for the highest quality correspondence generation
  • Fully integrated Warehouse Database to facilitate user creation of ad hoc or scheduled reports of any kind
  • Integration with Excel for data extraction
  • Bespoke report writer
  • Built-in calculation for rate type conversion and interpolation
  • Diary functionality for fast, recorded internal communication on transactions and issues
Standard processing instruments handled by Verasis Trade Finance
  • Import/Export Letters of Credit
  • Standby Letters of Credit
  • Documentary Import/Export Letter of Credit
  • Bills of Exchange
  • Letters of Guarantee
  • Promissory Notes
  • Direct Loans
  • Syndications/Participations

The following specific characteristics are built into Verasis Trade Finance, making it an essential solution for all trade finance transactions:

Compliance with industry standards

SWIFT and XML

Entity/Relation-based Data Model

Avoiding redundant data definition

Strong communication capabilities with other systems

Achieving STP and communicating with risk and accounting systems

Advanced multi-entity capability

Centralising and sharing resources and operations across multiple entities, ensuring that organisational needs are met across domestic and foreign branches, independent subsidiaries, and white-labelling services

System flexibility

Adapting to market changes and thereby providing investment protection

State-of-the-art technology
  • Cross-platform portability
  • Processing distribution, but without distributed systems
  • Easy communications with other systems and applications
  • Rapid development architecture
  • Automated ‘debugging’ functionality for accurate and automatic reporting of issues by client