South Korea's Hana Bank has announced the launch of the country's first non-face-to-face artificial intelligence (AI) export letter of credit (L/C) purchase review service, marking a significant advancement in the nation's financial sector.

This innovative service aims to automate and streamline the traditionally manual process of reviewing export L/C documents by enhancing efficiency and reducing errors in international trade transactions.

Overview

Traditionally, exporters submit shipping documents and drafts to banks to receive advance payments under export L/Cs. The verification of these documents has been a manual, time-consuming process, prone to human error.

Hana Bank's new AI-driven system automates this review, enabling exporters to detect and rectify document discrepancies swiftly, thereby expediting the payment process.

Easy access

The service is accessible through Hana Bank's corporate internet banking platform, allowing companies to submit documents remotely without the need for in-person visits.

This non-face-to-face approach not only enhances convenience but also aligns with the growing demand for digital banking solutions in the post-pandemic era.

Development and implementation

The AI export L/C review service is a product of Hana Bank's collaboration with the Hana Financial Convergence Technology Institute, an affiliate of Hana Financial Group. The joint research and development initiative began in June 2024, focusing on creating an AI solution capable of accurately analysing complex trade documents.

The successful deployment of this service underscores Hana Bank's commitment to leveraging technology to improve financial services.

Digital innovation

This development also positions Hana Bank at the forefront of digital innovation in trade finance, setting a precedent for other financial institutions in South Korea and potentially influencing global banking practices.

As of May 2025, the service is available to corporate clients through Hana Bank's online banking platform. Exporters interested in utilising this AI-powered L/C review service are encouraged to contact Hana Bank for more information on enrolment and usage procedures.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.