Standard Chartered announced on Tuesday it has formed a strategic agreement with Traydstream to introduce its digital trade document matching services to the Bank’s clients, which is claimed to deliver increased efficiency and transparency to document trade processing and improving the trade finance experience for both buyers and suppliers. The duo further explained:
“The data matching process that companies currently have to conduct across various underlying trade documents is manual and time-consuming, which often results in a delay of the trade financing cycle and impacts these companies’ ability to meet their working capital needs. With this agreement, Standard Chartered will be able to refer its clients to Traydstream based on their requirements, and enable them to benefit from automated matching services by tapping on Traydstream’s digitised matching rules and processes.”
While sharing more details about the collaboration, Samuel Mathew, Global Head of Documentary Trade Product Management of Standard Chartered, stated:
“After exploring various technology providers, we selected Traydstream based on their platform capabilities. The Traydstream offering fits well with our emerging markets footprint which generates a significant amount of trade document flows. Our goal is to help our export clients expedite their receivables and export proceeds, and as a result improve their working capital cycles. This strategic agreement further builds on the Bank’s export capabilities by allowing our clients to reduce discrepancies in their trade documents with Traydstream’s data and artificial-intelligence based matching tools.”
TS Shankar, Area Head Asia Pacific at Traydstream, went on to add:
“This is an exciting opportunity to work collaboratively with a supportive partner like Standard Chartered to provide cleaner, standardised documents for the end user, which make trade transactions more efficient and scalable while mitigating risk.”