Deutsche Bank partners with Traydstream to automate document checking

Thursday 4 August 2022 11:38 CET | News

Deutsche Bank has partnered with Traydstream to automate document checking for their Trade Finance products.

The partnership with Traydstream aims to improve the bank’s ongoing efforts to digitise and automate its documentary trade business, increasing controls, ensuring scalability for growth, and ultimately improving corporate clients’ experience in the letters of credit business.

Deutsche Bank has partnered with Traydstream to automate document checking for their Trade Finance products, increasing controls and ensuring growth.

Deutsche Bank and Traydstream have been working together since July 2021 with a detailed pilot of the Traydstream automated trade document checking platform. Both parties have now announced a further commitment for a deep dive into the bank’s trade operations as well as integration of Traydstream’s artificial intelligence (AI) tools. The parties have agreed to integrate the Traydstream platform into the Deutsche Bank environment and intend to subsequently roll out the platform globally.

Upgrades made by Traydstream

Traydstream’s modular technology extracts data using AI and optical character recognition. It slashes the time to complete checks on the dozens of documents generated by a single transaction, using a machine learning based engine to check against the underlying trade transaction with over a quarter million rules permutations.

Traydstream has recently launched the 2.0 version of its platform, with improved speed and accuracy of its data extraction and classification models, and integrated third-party providers for compliance checks. The 2.0 platform further augments all workability checks, across all available documents, including underlying letters of credit, in accordance with global trade rules (Uniform Customs & Practice for Documentary Credits and International Standard Banking Practice).

Another update to the 2.0 platform includes a cloud native architecture as well as new user interface that utilises all the learnings from documents the system has processed over the past twelve months.

Recent updates on Deutsche Bank

Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments, and institutional investors.

Most recently, as related by Financial Times, Deutsche Bank has ditched an already reduced cost-cutting target for 2022, bringing costs down to 70% of income out of reach. It is now aiming for a cost-to-income ratio of up to 75%.

Deutsche confirmed its full-year revenue target of EUR 26 billion – EUR 27 billionn, up from EUR 25.4 billion in 2021, but warned that the second half of 2022 would be more challenging than the first. It also warned that its full-year target of generating a post-tax return on tangible assets of at least 8% would become more difficult to meet.

Deutsche set aside EUR 165 million for regulatory fines and litigation costs, with the bulk of that money being earmarked for a possible penalty over the use of WhatsApp and other unauthorised communication channels by its staff.

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Keywords: banks, partnership, trade finance, artificial intelligence, data
Categories: Banking & Fintech
Companies: Deutsche Bank, Traydstream
Countries: Germany
This article is part of category

Banking & Fintech

Deutsche Bank



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