A new financial technology (FinTech) company has entered the trade finance market with a product that aims to improve letter of credit (L/C) processing.

TradeSun's trade finance platform, powered by IBM Watson, features artificial intelligence (AI) technology that augments human behaviour by learning how employees interact with trade finance documents.

The platform aims to focus on trade finance bottlenecks and claims to be different from other solutions because of its use of AI programmed by data scientists.

Learning process

The platform is designed to learn as it operates. As it learns, the platform begins to understand what an error is, where signatures are and what key terms are missing.

This increases effectiveness while drastically lowering operating costs the developers claim.

Operating process

Physical documents are intelligently captured and digitised. Financial documents, including L/Cs, bills of lading and insurance forms are then automatically classified.

Various types of structured and unstructured information and data is extracted for easy retrieval. All data is checked against compliance and business rules and any discrepancies are identified.

According to the developers, this streamlines and enables decision-making processes, such as pay or reject.

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