Cleareye.ai provides its customers and clients with the digital trade finance solution ClearTrade, designed to offer digital automation of trade compliance and operations. The platform also gives users a smart interpretation of data and documents in trade in order to identify TBML and Sanctions risks, automating expert manual checking processes. The service is powered by a document digitalisation engine that has the ability to extract, validate, as well as to accurately classify unstructured data.
In addition to the investment, Cleareye.ai is set to work with JP Morgan’s Trade and Working Capital to continually improve the company’s offerings and capabilities. The focus will be on meeting the needs, preferences, and demands of customers and clients while offering banks and financial institutions benefits for their development processes.
American multinational financial products company, J.P. Morgan had several launches and collaborations in the last couple of months, covering multiple geographic regions around the world.
In June 2023, the financial institution announced its expansion in Israel and the decision to enter the commercial banking sector for high-tech commercial banking and enterprises. The initiative represented a part of J.P. Morgan’s Innovation Economy banking division, which prioritised catering to growth companies, founders, and traders, as well as the venture capital communities. This deal added to the already existing competition in account management and financial services for high-tech companies and businesses.
J.P. Morgan was set to focus mainly on late-stage high-tech companies by providing them with solutions such as payment management, liquidity services, or capital raising support. The financial institution also needed to offer strategic advice to venture capital funds and their portfolio companies.
In March 2023, J.P. Morgan announced a pilot of biometric-based payments with retailers selected in the US, aimed to enable speed and efficiency for customers and traders alike. The pilot service was the first one to launch from J.P. Morgan Payments’ new Commerce Solutions suite of tools. This initiative focused on improving the way merchants adapted to the rapidly changing payments landscape. The biometric-based payment pilot consisted of face and palm identification for payment authentication in-store and functions on an enroll-capture-authenticate-pay basis.
Earlier in the same month, the financial institution updated its global platform in order to allow customers to fund Real-Time-Payments while using their existing liquidity 7 days a week. J.P. Morgan’s most recent product was designed to enable clients in all locations to directly leverage their liquidity infrastructure for ensuring that it is accessible whenever payments and transactions are made.
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