A new financial technology or 'fintech' company has launched a solution to check letters of credit (L/Cs) and other documents against industry rules and regulations.

The solution digitalises trade documents and automates regulatory compliance screening using artificial intelligence.

Constantly monitoring

Traydstream says its platform ensures the consolidation of industry knowledge and rules that apply to L/C transactions, including UCP, sanctions and dual-use goods lists.

The system is continually updated to keep apace with new rules and documentary checks.

Traydstream employs machine-learnt automated checking of documents, which should lead to reduced staff costs.

Not blockchain

The developers say their platform does not employ blockchain or distributed ledger technology. They say that their system is different because it can process documents whereas blockchain technology does not.

The company also reckons its product is different from offerings such as those from Bolero and essDocs because it both processes documents and checks them thoroughly against a constantly updated library of worldwide and regional trade finance rules and regulations.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.