Stanbic Bank Uganda (SBU) is to implement Traydstream's platform that uses machine-learning and artificial intelligence (AI) with natural language processing to create intelligent pattern recognition that enables speedy verification of regulatory compliance.

This platform is intended to digitise the current manual process of vetting letters of credit (L/Cs) for discrepancies.

Successful pilot

Pilot trade digital L/C processing conducted over the past few months indicated that the Traydstream platform can significantly improve SBU's processing, turnaround and end-to-end trade capabilities. Majority owned by Standard Bank Group, SBU is Uganda's largest commercial bank by assets and branch network.

The Ugandan bank says it is actively expanding its footprint in cross border trade through better ways of working and new technological solutions.

Anticipated benefitsHead of trade and product management for SBG, Kevin Holmes, says Traydstream's solution helps "speed up processing time [and] mitigate risk with thorough trade checks as well as improve the transparency of transactions through an aggregated compliance module."

"The platform opens up exciting and innovative new options for us to grow and service our customers," he concludes.

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