Concentrix’ TradeFree product app wins Technoviti Award

NEW DELHI: Concentrix has won the Technoviti Award for Innovative Banking Product for its TradeFree PorTEL — Trade Finance on Mobile solution.

This is TradeFree’s second Technoviti Award, which, according to the company, is an honor for financial services technology innovation awarded by Banking Frontiers magazine in association with Knowledge Partner KPMG.

Concentrix’ TradeFree PorTEL app, a disruptive trade finance technology for commercial banking, has been implemented in some of India’s premier banks, notably HDFC Bank. HDFC Bank was among the first to use Concentrix’ app for its corporate customers and staff to provide seamless trade financing operations.

The company says that TradeFree PorTEL won the innovation award for its ease of use and impact on wholesale banking processes. Based on the Web-enabled TradeFree platform, it uses standard Web technologies such as HTML5, CSS3, and JavaScript for cross-platform development. The solution also supports Android, iOS, Windows OS, and BlackBerry devices, making it a user-friendly and secure channel for conducting mobile banking transactions quickly.

Sharad Bishnoi, Senior VP of Business Technology at HDFC Bank said, “With the TradeFree PorTEL app, the on-the-go executives and senior officials, who are largely in the field and travelling, can authorize transactions as and where they are present. If authorizing managers are away from their desks (or do not have access to the portal to authorize transactions), transaction flows suffer delays, slowing down business. HDFC Bank offers domestic payment products and services on an omni-channel platform for wholesale banking clients for quite some time now. With mobile platform launch, this was the first time in the industry that trade finance moved on mobile. It reduces the time from half a day to an hour, thus performing transactions on a real-time basis.”

“Concentrix is a high-value business service provider and is constantly innovating in the BFSI space, providing B2B services on a B2C platform. TradeFree PorTEL enables faster transactions, resulting in cost savings and leading to increased business efficiency. This has reduced real-time transactions processing and notifications, which has improved the turnaround time for banks and led to high customer satisfaction. With the nation focused on digitization, this innovation is set to revolutionize the banking space in the future,” said Ravinder Singh Rana, Country General Manager, India, Concentrix.