- Cleareye.ai has established a new global strategic alliance with J.P. Morgan’s Trade and Working Capital division.
- Trade finance is a sector undergoing digital transformation.
- ClearTrade has been integrated into J.P. Morgan’s Trade Processing System over the last year and is now live supporting transactions in the APAC region.
Cleareye.ai has established a new global strategic alliance with J.P. Morgan’s Trade and Working Capital division. The alliance will use ClearTrade, an industry-leading digital solution, to address both the current and future challenges that Trade Finance operations face. Through significant advances in technology, 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.
Trade finance is a sector undergoing digital transformation. The ClearTrade solution provides a game-changing change for banks to ensure they can continue to operate in this changing landscape plagued by a rapidly rising cost base.
ClearTrade has been integrated into J.P. Morgan’s Trade Processing System over the last year and is now live supporting transactions in the APAC region, with a global rollout planned in the coming quarters. J.P. Morgan will be able to further leverage document digitization through this initiative by utilising powerful image processing solutions capable of extracting, validating, and accurately classifying unstructured data. This level of digitization enables:
- Smart interpretation of data and documents to automate letter of credit document examination
- Contextual and configurable rules engine to supplement existing Uniform Customs and Practice for Documentary Credits and International Standard Banking Practice rules
- Identification of trade-based money laundering and sanctions red flags
- Seamless integration into any existing Trade Finance back-office platforms
Cleareye firmly believes that the ClearTrade solution has the capability to increase Trade Finance operations productivity by up to 70%. Through the automated examination of thousands of trade presentations, including both industry common and non-standard document types, the solution has demonstrated up to 9x increase in trade velocity, significant reduction in document checking errors, greater than 85% accuracy standards and up to 80% reduction in E2E processing time.
Stuart Roberts, Global Head of Trade & Working Capital for J.P. Morgan says: “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.”
Mariya George, CEO and Co-founder for Cleareye, states: “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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