Lloyds Bank launched a collaboration with an artificial intelligence (AI) platform Cleareye.ai.
The partnership, announced Tuesday (September 3) and which would be the first of his kind in the UK, will use AI to streamline the processing and compliance verification of trade finance documents. The effort will use Cleareye.ai ClearTrade Technology and should be implemented Since this month, the companies said in a press release provided to PYMNTS.
“This cutting-edge technology will use optical character recognition (OCR), machine learning and natural language processing algorithms to extract critical information from trade documentation,” the statement said. “This includes digital and paper-based import and export documentary letters of credit, documentary collections, commitments and trade loans.”
Additionally, the AI-powered technology will perform automated document reviews – in accordance with the International Chamber of Commerce’s rules for documentary credits and collections – as well as critical compliance checks, including trade-based money laundering (TBML) checks, the statement said.
“We are continually looking for ways to help our clients trade more simply and quickly. And more efficiently and our partnership with Cleareye.ai allows us to do this,” said Rogier van LammerenHead of Commercial and Working Capital Products at Lloyds Bank Commercial Banking.
“With their AI technology, we will streamline the critical parts of trade finance processes that we know are important to our clients.”
As PYMNTS wrote earlier this year, AI has emerged as a tool for companies looking to navigate an increasingly complex regulatory landscape, offering solutions that improve efficiency, accuracy And efficiency in compliance management.
“Traditional compliance management methods “Results are often insufficient due to their reliance on manual processes and retrospective analyses,” the report said.
“These approaches are not only time-consuming, but also prone to human error and inefficiencies. That’s where AI comes in. intervenes, transforms compliance management from a reactive discipline to a proactive discipline.
Lloyds appointed an Amazon Web Services veteran last month Rohit Dhawan to oversee its AI center of excellence and conduct adoption of AI-based products and services for banking.
“Rohit’s appointment is a a significant boost “for the strategic development of AI technology and capabilities within Lloyds Banking Group, with its rich experience in delivering technology and change, at pace and scale,” Ranil Boteju, the bank’s chief data and analytics officer, said in a press release.
“Rohit will work across the company to further integrate AI findings into business priorities, helping us evolve AI in a coherent manner and we implement our strategy.
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