Union Systems Limited, a leading financial technology company, today announced the launch of its new product, Optimus, the first multibank international trade finance portal in Nigeria. Optimus enables corporates to initiate, process, and manage all international trade transactions across their banks from a single portal.
Optimus is a cloud-based application. It empowers corporates to have a consolidated view of all their trade transactions with different banks without having to visit the banking hall. Corporates can collaborate and communicate with their teams, suppliers, bankers and other relevant stakeholders in the trade finance value-chain from anywhere in the world. It is available on both the web and mobile channels. Optimus has eliminated the hassle of corporates having to log in to many bank portals to initiate trade transactions with different banks as these transactions can now be made and monitored from a single Portal.
Chuks Onyebuchi, Chief Executive Officer, Union Systems Limited stated “We are very excited to introduce Optimus to the African market starting with Nigeria. Optimus has finally given corporates the control they have always demanded from their banks. It promotes collaboration on trade instruments among stakeholders unhindered by time zones, personal contact, and channel. The product is intuitive making business users far less reliant on technical support from their IT staff and bank account managers.”
Optimus enables corporates to engage their supplier online in real-time at the draft creation stage of the Letters of the Credit process. It is very secure and ensures interoperability between the corporates and their banks. With Optimus, corporates can process and manage all CBN forms without visiting the bank and have a single view of their overall credit line utilization at a group level, promoting transparency and efficient management of their bank credit lines. They can pay and print payment receipts of custom duties and NESS fees and manage all trade payment obligations across domiciled banks. Corporates can also track their shipment from any country of supply to Nigeria and easily know the expected arrival date of their goods ahead of time.
“Optimus comes at the nick of time to address the unmet demands of the corporates and to support both corporates and banks to thrive in this new normal created by the pandemic. Optimus will decentralize trade finance operations for corporates by putting them in charge of their operations and interactions with their bank partners” said Ngozi Ilondu, Head of Marketing, Union Systems Limited