Standard Chartered rolls out Trade AI Engine in partnership with IBM

Thursday 23 May 2019 11:27 CET | News

Standard Chartered has launched the Trade AI Engine, a joint solution developed in partnership with IBM to enhance trade document processing.

The solution is currently live in key markets across Asia, Africa and the Middle East, with more markets across the Bank’s footprint to follow. With the implementation of the Trade AI Engine powered by IBM, this time-consuming and high-risk process is now significantly automated conversion of non-digital shipping documents into machine-readable format enabled by Optical Character Recognition (OCR), identification and classification of document types from an initial pre-defined database, continuous machine learning (ML) based on user re-classification / re-defining of data elements to further improve accuracy.

The solution allows the bank to handle high volumes of diverse back office tasks with greater efficiency and accuracy, thus offering a more seamless trade processing experience for clients.

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Keywords: Standard Chartered, Trade AI Engine, IBM, Trade AI Engine, trade document processing, product launch, partnership, UK, Europe, trade finance, Asia, Africa, Middle East, OCR, optical character recognition, e-invoicing, business process automation
Countries: World