Likhit Wagle, VP, Financial Services Sector, IBM Asia Pacific

Standard Chartered has partnered with IBM to launch the Trade AI Engine, in a bid to improve client experience in trade document processing through strong operational control and efficiency.

Lisa Robins, Global Head, Transaction Banking at Standard Chartered said: “As a market leader and major intermediary between buyers and sellers in the centre of global trade, we process more than 36 million pages of trade documents annually, with over 200 million data elements for name capture and processing. The Trade AI Engine significantly reduces the amount of time and effort in this review process while raising the bar on our controls environment, further enhancing our ability to play the connector role for our clients by facilitating transactions at pace with the growth of their businesses.”

According to the supplier, the solution will allow the Bank to handle high volumes of back-office tasks efficiently and accurately. It aims to eliminate the paper-based, unstructured documents as well as the entire manual process involved in traditional documentary trade. It is expected to digitize shipping documents, enable continuous machine learning and natural language processing.

Likhit Wagle, VP, Financial Services Sector, IBM Asia Pacific said: “Trade document processing traditionally relies on a high degree of manual effort to ensure transaction compliance. IBM worked with Standard Chartered Bank to develop a solution that would automate the retrieval of key information from text within scanned documents. The Trade AI Engine enables multi-format document capture without templates and uses NLP to extract relevant information for review, as well as leveraging user interaction to improve text extraction accuracy and streamline the process with each cycle in real-time.”

The solution is currently live in markets across Asia, Africa and the Middle East. Additional markets to follow are Japan, Brunei, Indonesia, Taiwan, Hong Kong, Singapore, Malaysia, China and USA.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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