Deutsche Bank has partnered with London-based fintech Traydstream to automate document checking for the bank's trade finance products.

The partnership aims to boost the bank's ongoing efforts to digitise and automate its documentary trade business, enhance controls, ensure scalability for profitable growth and ultimately improve corporate clients' experience writing letter of credit (L/C) business.

Pilot platform

Deutsche Bank and Traydstream have been working together since July 2021 on a detailed pilot of an automated trade document checking platform which they now plan to integrate in the bank's operating environment.

The bank sees automated document checks as "a key enabler for the digitisation of documentary trade products," according to Claudia Hussy, trade finance product and process management at Deutsche Bank.

New Traydstream features

Traydstream has recently launched the 2.0 version of its platform, with enhanced speed and accuracy of its data extraction and classification models, and integrated third-party providers for compliance checks.

The 2.0 platform further augments all workability checks, across all available documents, including underlying L/Cs, in accordance with global ISBP and UCP trade rules.

Another update to the 2.0 platform includes a cloud native architecture as well as a new user interface that utilises all that has been learnt from documents the system has processed over the past twelve months.

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