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Surecomp partners Traydstream

Monday 16 January 2023 10:22 CET | News

Canada-based trade finance solutions provider Surecomp has partnered fintech Traydstream to integrate AI-powered document checking into its collaborative trade finance platform.

 

Following the collaboration, Surecomp will be provided with an integrated solution for document checking, sanction screening, AML detection, and other OCR-based compliance checks for its platform, RIVO. 

Through this, RIVO customers will be enabled to take a more proactive approach towards trade-based risk management, while simultaneously further improving a digital, sustainable trade finance process by integrating RIVO with their back-office trade finance solutions.

Details on what the partnership entails within trade finance

As per information provided in the press release, Traydstream helps identify, extract, and interpret thousands of data attributes from more than 150 common global trade document types in order to automatically check each detail in a Letter of Credit, Open Account, and Collection document. 

Apart from being enabled to conduct over 400,000 permutations of trade rules, customers can also benefit from offering a fully digital, auditable record of their trade business for both compliance and management reporting. Based on information provided in the announcements, the automated process has proven to decrease document checking times from hours to minutes, cut processing costs up to 60-70%, and improve accuracy by having human error removed from the equation.

Canada-based trade finance solutions provider Surecomp has partnered fintech Traydstream to integrate AI-powered document checking into its collaborative trade finance platform.

When talking on the partnership, Traydstream officials advised that by combining Surecomp’s expertise in trade finance process automation with their trade innovation, both teams are given the chance to benefit from a deep understanding of what their clients need from their current and future digitisation landscape. 

As trade-based fraud continues to be prevalent, there is an increasing need for transparency and risk management. Surecomp representatives believe effective document checking to be a critical component when talking about an improved trade finance process. Following this collaboration, its customers can significantly decrease the amount of time spent on checking a multitude of documents involved in a trade finance transaction, while simultaneously protecting themselves against loss and risk. As stated in the press release, the company is looking forward to partnering with Traydstream and providing to clients an innovative solution that leverages AI-powered services towards the digitisation and automation of global trade.

Traydstream, Surecomp offering and recent developments

Traydstream’s modular technology helps extract data intelligently by making use of AI and optical character recognition. It helps decrease the time to complete checks on documents generated by a transaction by leveraging machine learning based engine to check against the underlying trade transaction with more than a quarter million rules permutations. The company aims to make the document processing journey safe, scalable, and profitable, in a trade finance environment that is increasingly complex and costly.

As part of their recent developments, the company announced a partnership with Deutsche Bank in August 2022, where it supported the bank in automating document checking for their trade finance products.

Surecomp is a digital trade finance solutions provider for banks and corporations. The company offers a portfolio of cloud and on-premises solutions to improve the trade finance transaction lifecycle, enhance operational efficiency, ensure compliance, and drive growth.

In December 2022, the company partnered UK-based bank Investec to provide its fully digital end-to-end finance processing automation solution. In October of the same year, Surecomp announced the completion of a pilot of automated ESG scoring and tracking in its trade finance solution, RIVO.


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Keywords: partnership, risk management, financial sanctions, AML, OCR, compliance, trade finance, banking, digitalisation, artificial intelligence
Categories: Fraud & Financial Crime
Companies: Surecomp, Traydstream
Countries: World
This article is part of category

Fraud & Financial Crime

Surecomp

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Traydstream

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