Cleareye.ai has announced a new global strategic alliance with JP Morgan’s Trade and Working Capital group.
According to Cleareye, the alliance leverages an industry-leading digitial solution – ClearTrade – to solve the challenges trade finance operations face today and tomorrow.
The ClearTrade platform streamlines the onerous due diligence processing associated with Trade Finance transactions and the multitude of physical documents that are still prevalent in the industry today.
According to Cleareye, trade finance is an industry going through a digital transformation. The ClearTrade solution provides an opportunity for banks to ensure they can continue to operate in this evolving landscape challenged with an increasing cost base.
Over the past year, ClearTrade has been integrated into JP Morgan’s trade processing system and is now live supporting transactions in the APAC region, with a global rollout planned over the coming quarters.
Through this initiative, JP Morgan claims it will be able to further leverage the digitising of documents using powerful image processing solutions with the ability to extract, validate and accurately classify unstructured data.
This level of digitisation, Cleareye claims allows for the smart interpretation of data and documents to automate letter of credit document examination. In addition, it allows for the contextual and configurable rules engine to supplement existing uniform customs and practice for documentary credits and international standard banking practice rules.
JP Morgan global head of trade and working capital Stuart Roberts said, “Digitizing trade finance documentation has the ability to provide real benefits to J.P. Morgan and our clients. Banks have grappled to solve the puzzle of paper and manual data entry in this business for many years and our alliance with Cleareye is taking meaningful steps towards solving the problem. The ClearTrade platform also helps us to accelerate and future-proof our clients’ business while reinvesting savings into enhancing controls and risk management.”
Cleareye CEO and co-founder Mariya George added, “J.P. Morgan maintains a gold standard for digital innovation while ensuring regulatory needs are met, and we are very excited about the ClearTrade implementation and go-live. This also reinforces the strategic alliance between our firms and the vision to digitize trade operations for banks across the globe.”
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