Canadian fintech Surecomp says it has finalised a partnership agreement with London-based fintech Traydstream to integrate document checking powered by artificial intelligence into its collaborative RIVO trade finance platform.

Traydstream identifies, extracts and interprets thousands of data attributes from over 150 common global trade document types to automatically check every detail in a letter of credit (L/C), open account and collection document.

Trade-based risk

By offering an integrated solution for document checking, sanction screening, AML detection and other OCR-based compliance checks, RIVO customers should be able to adopt a more proactive approach to trade-based risk management according to Traydstream.

It says this will further enhance a digital, sustainable trade finance process through seamless integration between RIVO and customers' back-office trade finance solutions.

Scope and benefits

In addition to being able to conduct over 400,000 permutations of trade rules, customers should be able to benefit from providing a fully digital, auditable record of their trade business for compliance and management reporting.

The automated process claims to have proven to reduce document checking times from hours to minutes, cut processing costs by up to 60-70 per cent and drastically improve accuracy by removing human error from the equation.

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