Lloyds Bank has teamed up with Cleareye.ai, an artificial intelligence platform, leveraging AI to enhance the processing and compliance checking of trade finance documentation to enable efficiencies for customers.
The innovative tech will use optical character recognition, machine learning and natural language processing algorithms in order “to extract critical information from trade documentation.”
This reportedly includes digital and “paper-based import and export documentary letters of credit, documentary collections, undertakings and trade loans.”
The AI-enhanced tech will also conduct automated examinations of documents, which is said to be “in line with the International Chamber of Commerce Rules for Documentary Credits and Collections, as well as critical compliance checks, including trade-based money laundering checks.”
Rogier van Lammeren, head of trade and working capital products at Lloyds Bank Commercial Banking, has said using their AI technology will streamline parts of trade finance processes.
The partnership with Cleareye.ai follows “a number of UK and global firsts achieved by Lloyds Bank. In February 2024,”
Lloyds Bank became the first UK bank to “complete an entirely digital documentary collection, utilising both electronic Bills of Lading and digital Promissory Notes.”
This reduced the time to complete “the transaction from 15 days to 24 hours, also cutting working capital costs.”
