Standard Chartered, a British multinational financial services company, and IBM, an Armonk, New York-based multinational IT firm, as per recent reports, have announced the joint launch of a pioneering augmented intelligence platform aimed at transforming the largely paper-trail based Trade Documentary System.
The Trade AI Engine, by automating the time-taking and high-risk associated traditional paper-based process, aims to significantly reduce the manual back office task, thus improving both operational efficiency and control. The Trade engine is apt at converting non-digital shipping documents into machine-readable formats by utilizing the Optical Character Recognition (OCR) tech. Moreover, the Trade engine can also identify different document types from a pre-defined database. By leveraging the Natural Language Processing (NLP) tech to read and capture context, and continuous machine learning, the trade engine further improves system accuracy.
On an annual basis, the UK-based Standard Chartered processes over 36 million trade document pages, which enables the company to capture over 200 million data elements.
Lisa Robins, Global Head – Transaction Banking, Standard Chartered, says, “The Trade AI engine significantly reduces the amount of time and effort in this review process while raising the bar on our controls environment, further enhancing our ability to play the connector role for our clients by facilitating transactions at pace with the growth of their businesses.”
The Trade AI Engine, which is currently live in the Asian, African, the Middle Eastern, and the UK markets, is very soon expected to expand to additional markets, which include Japan, Hong Kong, Singapore, China, and the US.