Multinational technology giant, IBM and NeuroGaint Systems, a global IT solutions provider headquartered in Hyderabad, India, have launched NeuroLC, an advanced AI platform designed to transform letter of credit (L/C) processing.

Built with watsonx.ai and IBM Cloud Pak for Business Automation (CP4BA), NeuroLC aims to enhance trade finance operations with AI-driven risk assessment, and regulatory compliance, enabling banks and financial institutions worldwide to streamline L/C processing.

Blockchain transaction security

Using watsonx.ai, IBM's enterprise-grade AI developer studio, and leveraging CP4BA's end-to-end workflow automation, and employing AI-powered document processing, the developers have fully automated the L/C issuance, amendment, and settlement processes.

The solution uses blockchain technology for transaction security, while its cloud-based multi-language, and multi-currency facilities support a seamless global deployment.

Transformative results

"We are empowering financial institutions to achieve unprecedented speed and security in L/C processing, while maintaining adherence to global regulatory standards," according to NeuroGaint's chief technology officer, Shankar Kambhampaty.

The platform delivers what the developers claim to be transformative results. They say it accelerates L/C processing by up to 80 per cent, reduces operational costs by 80 per cent, and utilises an AI-powered detection system to minimise fraud risks by 99 per cent.

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