Uncia has received recognition for its innovative work in the field of supply chain finance by winning the award for Best Supply Chain Finance Implementation at the 6th edition of the IBS Intelligence Global FinTech Innovation Awards 2024, held in Chennai, India, on December 9. This award is a significant accolade, as it celebrates key advancements in banking technology, particularly in the context of how financial services are evolving through the adoption of new technologies.
The award-winning project involved a complete overhaul of a leading Indian non-banking financial company's (NBFC) supply chain finance infrastructure, transitioning to a next-generation digital ecosystem. Central to this transformation was UnciaFlow, which features a microservices architecture and comes pre-mapped with 51 predefined supply chain finance product variations tailored to address the diverse business scenarios within the Indian market.
UnciaFlow's sophistication includes a Business Rule Engine and Validation Management functionalities, paired with Uncia Studio, a user-friendly configuration interface. The innovative deployment of the solution, which relies heavily on Robotic Process Automation (RPA), has led to a array of benefits. These include instantaneous transfers of funds, accelerated cash flows, and a notable decrease in processing times for large invoice uploads, with these tasks being accomplished without manual involvement. Furthermore, it simplifies limit management across working capital and term loans.
This project is viewed as setting a new standard for supply chain finance in India and enhancing client experiences through a self-service-oriented platform that allows for independent management of configurations and integrations.
Nikhil Gokhale, Director – Research & Digital Properties at IBS Intelligence, praised Uncia's achievement, stating, “The transformation of a leading Indian NBFC’s SCF platform using Uncia’s innovative solution has redefined industry benchmarks for automation and efficiency. By significantly cutting bulk invoice processing time, this fully integrated digital ecosystem delivers a profound impact on operational efficiency, regulatory compliance, and customer retention, while positioning the platform for sustainable future growth.”
Expressing gratitude for the recognition, Hari Padmanabhan, the Chairman of Uncia, noted, “We are deeply honored to receive this award for the successful transformational capabilities of UnciaFlow, which has set new benchmarks in automation, efficiency, and user-centric design. This award is not just a celebration of our technical prowess but also a reflection of the trust our clients place in us as partners in their digital transformation journey.”
Established in 2020, Uncia has emerged as a significant player in the fintech sector, providing a wide array of software-as-a-service (SaaS) products tailored for banks and NBFCs. The company aims to pave the way for more agile financial institutions that can deliver enhanced value to their stakeholders through technological advancements.
Source: Noah Wire Services