Surecomp forms partnership with Traydstream to automate trade finance
Toronto-based Surecomp has partnered with London-based fintech Traydstream to integrate AI-powered document checking into its collaborative trade finance platform, RIVO, as trade-based fraud continues apace.
The integrated solution not only provides document checking, but also sanction screening, anti-money laundering detection and a range of other OCR-based compliance checks.
By identifying, extracting and interpreting thousands of data attributes from more than 150 common global trade document types, Traydstream can automatically check every detail in a letter of credit, open account and collection document.
“With trade-based fraud continuing to dominate the headlines, the need for transparency and risk management has never been greater,“ said Enno-Burghard Weitzel, Surecomp’s SVP of strategy, digitisation and business development.
“We know that effective document checking is a critical component of a streamlined trade finance process and RIVO customers can now significantly cut the amount of time spent on checking the multiple documents involved in a trade finance transaction, while protecting themselves against risk and loss.”
Through the new partnership, Surecomp said that customers of RIVO can now benefit from providing a fully digital, auditable record of their trade business for compliance and management reporting.
Weitzel added: “We have been impressed by the scale of Traydstream’s operations and global client base and we are excited to be able to offer our clients such an innovative solution that uses AI-powered services to further digitise and automate global trade.”
Automating the process can cut processing costs by between 60% and 70%, according to Surecomp.
Uzair Bawany, chief commercial officer at Traydstream, said: “Combining Surecomp’s expertise in trade finance process automation built up globally over more than 35 years, with our trade innovation, both teams are benefiting from a deep understanding of what clients need from their current and future digitisation landscape.”