Cleareye.ai announces a new global strategic alliance with J.P. Morgan's Trade and Working Capital group. The alliance leverages a digital solution, ClearTrade, to solve both the challenges Trade Finance operations face today and tomorrow. 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.
Trade Finance is an industry going through a digital transformation. The ClearTrade solution offers a revolutionary change for banks to ensure they can continue to operate in this evolving landscape plagued with a significantly increasing cost base. Over the past year, ClearTrade has been integrated into J.P. 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, J.P. Morgan will be able to further leverage the digitizing of documents using powerful image processing solutions with the ability to extract, validate and accurately classify unstructured data. This level of digitization allows for: 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.