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Traydstream TraydCheck: AI-Powered Trade Document Checking

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2024/09/22
Patricia Hines

Abstract

Like other document-heavy transaction banking processes, trade finance is ripe for disruption. The process is highly manual, with documents checked one by one using the human eye, leading to inefficiencies and potential errors. The use of paper for document checking remains prevalent, with 45% of banks reporting no reduction in paper use for document verification. Manual processing is prone to errors, resulting in significant penalties for non-compliance, including fines and reputational damage.

Technology to the rescue! Artificial intelligence-enabled software and tools can scan and read the contents of paper documents, recognizing patterns and comparing findings against built-in rules based on legal requirements. When choosing an AI-enabled trade document checking solution, banks have choices. We encourage banks to benchmark their requirements against available solutions in the market. One contender is Traydstream’s TraydCheck. The solution leverages several AI-enabled data-driven technologies to extract data, manage workflow, and automate trade document checking.

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