Business Need

The client, India’s premier banking regulatory body, wanted to upgrade its current system to a state-of-the-art version, providing a complete ecosystem for managing and mapping External Commercial Borrowings (ECB) and Trade Credit (TC) reporting and approvals. The solution needs to be dynamic enough to encompass micro-level transaction approval and reporting to macro-level aggregation and reporting of the country’s external debt, thereby offering better governance and monitoring.

Business Challenge

Our client is a premier regulatory body committed to maintaining orderliness in the foreign exchange market. In fulfillment of this responsibility, they have undertaken capital flow management. External Commercial Borrowings (ECB) and Trade Credit (TC) are the primary foreign capital sources, play a critical role in strengthening the productive sectors of the economy, and are used as essential capital account management tools. As our client must report these numbers and figures to the government, informed decision-making, and high-quality MIS, a state-of-the-art record management system is essential. Although their existing system had served them well to date, it needed an upgrade to cope with the challenges of:

• Ballooning database.
• Increasing the requirement of micro-level data for policy purposes.
• Need for parameterization of functionalities within the system.

The client wanted to introduce a state-of-the-art system that should have the following features:

• An online platform for ECB and Trade Credit reporting and approvals.
• Act as a complete ecosystem of ECB and Trade Credits, which will encompass the whole lifecycle from application receipt to decision communication and transaction reporting.
• Data processing with minimal manual intervention and also providing an expansive Management Information System (MIS) for policy decisions on macroeconomic aspects.
• Capability to maintain voluminous data and a multitude of users.

Business Solution

With extensive banking domain expertise and an in-depth understanding of the BFSI sector, NuSummit’s team of experts designed a state-of-the-art platform for the client. We implemented a DevOps-first approach to automate the workflow, which not only processes data with minimal manual intervention but also provides an expansive Management Information System (MIS) for policy decisions on macroeconomic aspects. Following the DevOps approach ensured faster time to market and less time to process any details. 

The NuSummit team of experts helped the client:

• Develop and prepare the System Requirement Specifications (SRS) and prototypes for software implementation, i.e., design, develop, and test the application, covering all the functional and non-functional requirements.
• Migrate data from the existing system to the new application and incorporation workflow engine.
• Deploy the application in the client’s data center.
• Support user acceptance testing (UAT)and the VAPT on the application.
• Support the Go Live, user training, workflow management, MIS reporting, rule engine, data handling, and document management.

The newly formulated dynamic system has the capability to:

• Maintain voluminous data and a multitude of users.
• Offers real-time changes and reports availability that provide better governance, outlook, and monitoring.
• Modules: ECB Loan Application and workflow, ECB Transaction Reporting- Restructuring, Refinancing, Merger and De-Merger, ECB Reports, Trade Credit Loan Application and workflow, Trade Credit Transaction Reporting-Restructuring, Refinancing, Merger, De-Merger, TC Rollover, TC reports.

Tech Stack

Workflow Automation:

• Camunda Workflow Engine

Backend Development:

• Spring Boot

Frontend Development:

• Angular