Uncia Chain’: Unity Bank’s Innovative Partnership with Uncia for Supply Chain Finance

Introduction

Supply chain finance (SCF) is a set of solutions that optimize cash flow by allowing businesses to lengthen their payment terms to their suppliers while providing the option for their large and SME suppliers to get paid early. This results in a win-win situation for the buyer and supplier. The buyer optimizes working capital, and the supplier generates additional operating cash flow, thus minimizing risk across the supply chain.

Unity Bank’s SCF Platform

Unity Small Finance Bank Limited (Unity Bank) is a new-age, digital-first bank that offers SCF solutions to its customers. Unity Bank is a scheduled Commercial Bank, offering digital first banking solutions. Its core businesses include Branch Banking, Business Banking, Inclusive Banking and Digital Banking and services over 15 lakh customers PAN India. It commenced operations in November 2021 and in a short span has built a sizeable loan book of over Rs. 7,000 crores and a Deposit base of approx. Rs 5,000 crores.

Unity Bank has partnered with Uncia Technologies, a pure-play SaaS product company in the Digital Lending space, for its SCF platform. Uncia Technologies today announced the go-live of Uncia Chain, its state-of-the-art SCF platform, at Unity Bank.

Uncia Chain’s Features

Uncia Chain is designed to provide a hassle-free implementation journey for its customers. It offers a feature-rich product suite that houses all business constructs the physical Supply Chain industry looks up to, for its financing needs. It effortlessly manages to handle all functions of a three-party financing construct by bringing buyer, seller and lender in one platform, by providing templatized variations of all onboarding and transaction journeys that occur between these parties.

Uncia’s ability to be cloud-agnostic, database-agnostic, and efficient in ERP integration constructs, has enabled it to elevate Uncia Chain to a highly configurable, rapid deployment framework. Case in point being the implementation of Uncia Chain for Unity Bank, which was accomplished in less than 100 days.

In an industry dominated by one-time license fees and protracted implementation processes, Uncia stands out by offering a set of pre-defined productised services. This novel approach defines Uncia’s Go-Live methodology, streamlining the post-Go-Live journey and eliminating the friction associated with exasperating change requests.

Conclusion

Unity Bank is committed to delivering a seamless digital banking experience, and this collaboration with Uncia Chain aligns perfectly with its mission. Uncia Chain’s robust and agile platform provides Unity Bank with a seamless and rapid deployment framework. The partnership also benefits the buyers and suppliers who can access SCF solutions with ease and convenience.

G.L Kumar, Chief Business Offer – Business Banking, Unity Bank, said, “Unity Bank is committed to delivering a seamless digital banking experience, and this collaboration with Uncia Chain aligns perfectly with our mission. Uncia Chain’s robust and agile platform provides us with a seamless and rapid deployment framework. We are particularly impressed with their cloud-agnostic and database-agnostic capabilities, which align perfectly with our vision of collaboration and open architecture.”

Hari Padmanabhan, Chairman, Uncia Technologies, said, “Reaching this milestone serves as a testament to our steadfast pursuit of excellence and customer satisfaction, achieved by leveraging our pre-configured, highly agile, rigorously tested, and supremely secure SCF platform.”