Finastra has announced
The app extends the functionality of Finastra's Fusion Trade Innovation technology and enables users to reduce document and compliance checking time. It digitizes trade finance processes, using optical character recognition (OCR), natural language processing (NLP) and progressive machine learning to reduce the risk and cost of trade finance operations.
'The solution will improve our trade finance operations by speeding up the approval of trade finance documents. We expect it will digitize manual, paper-based processes, reduce processing time by 30 per cent, and reduce trade finance risk levels by up to 80 per cent. Having access to third-party apps was a clear differentiator when looking at trade finance solutions,' said Leila Bahoum, Board member in charge of Trade Finance Operations from OGS Subsidiary of
Conpend TRADE AI extracts unstructured data from scanned paper documents and can also process already digitized data. The data is then screened and analyzed, using rules and advanced analytics, to empower business users to make informed business decisions quickly and accurately. It is fully compliant with all major global regulations and automatically performs all necessary compliance checks for a trade transaction. This includes money laundering screening and handling alerts during the screening process, which dramatically reduces false positives and time spent on decision-making. The solution also enables vessel checking and voyage tracking to support goods in transit.
Contact:
Tel: +44 (0)7917 613 586
Email: caroline.duff@finastra.com
About
About Finastra
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com.
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