Citi has announced a partnership with trade documentation solutions developer Traydstream, with the aim of providing its clients with advanced and automated document processing capabilities.

Traydstream identifies, extracts and interprets thousands of data attributes from over 150 common global trade document types to automatically check every detail in an L/C and collection document (DC World News, 23 January 2023).

The partnership between Citi and Traydstream aims to transform the scalability of trade documentation processing, and reduce risks and costs associated with manual procedures.

Document review and examination

Recognising the complexities of cross-border trade, Citi is aiming to offer innovative solutions through strategic collaborations.

Traydstream's cloud-based, automated document-checking solutions are designed to expedite trade processes like L/Cs and collections that are traditionally time-consuming and labour-intensive.

As the bank sees the efficient management of documentation is crucial, Citi and Traydstream's joint efforts will focus on streamlining the review and examination of trade documents, aligning them with documentary credit terms.

Expected benefits

The collaboration is expected to mitigate risks, lessen operational burdens, and ultimately reduce costs.

"Citi's collaboration with Traydstream underscores our commitment to providing clients with the most advanced tools and technologies to facilitate trade," according to global trade data, partnerships and innovation head at Citi, Valeria Sica.

"The reliance on paper in the trade industry needs to reduce and we see the next few years to be transformative for the business as we make our industry more environmentally friendly," she concludes.

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