Lloyds Bank has partnered with Cleareye.ai, an artificial intelligence platform, using AI to streamline the processing and compliance verification of trade finance documents to increase efficiency for clients.
This cutting-edge technology will use optical character recognition, machine learning and natural language processing algorithms to extract critical information from trade documentation. This includes digital and paper import and export documentary letters of credit, documentary collections, commitments and trade loans.
Cleareye.ai’s ClearTrade technology will be implemented starting this month
The AI-powered technology will also enable 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 checks.
Rogier van Lammeren, Head of Trade Finance and Working Capital Products at Lloyds Bank Commercial Banking, said: “We are continually looking for ways to help our clients trade in a simpler, faster and more efficient way, and our partnership with Cleareye.ai allows us to do just that. Using their AI technology, we will streamline the core parts of the trade finance processes that we know are important to our clients.”
Mariya George, CEO and co-founder of Cleareye.ai, added: “Lloyds Bank is a global pioneer in digital trade, thanks in part to its ability and willingness to form strategic partnerships. We are proud to be working together to apply our technology to its trade finance and compliance processes and look forward to seeing the benefits for the bank’s customers and the colleagues who serve them.”
The partnership with Cleareye.ai follows several firsts achieved in the UK and globally by Lloyds Bank. In February 2024, Lloyds Bank became the first UK bank to achieve fully digital document collection, using both electronic bills of lading and digital promissory notes. This reduced the transaction completion time from 15 days to 24 hours, also reducing working capital costs.
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