Guwahati: Union Bank of India (UBI) has announced the launch of "Trade nxt', an online platform for providing comprehensive cross-border trade finance services to Indian exporters and importers, stated a press release. The platform allows for the smooth entry and processing of letters of credit, bank guarantees, export/import bills, export credit disbursement, outbound and inbound remittances, dealer financing, and other transactions.

The platform will enable regulatory online auto reporting via Import Data Processing & Monitoring System, Export Data Processing & Monitoring System, and other statutory reporting relevant to ODI, FDI, and LRS transactions, making the procedure considerably more straightforward, according to the statement.