Observer Report
Singapore
Standard Chartered has officially launched the Trade AI Engine, a joint solution developed in partnership with IBM to enhance the client experience in trade document processing through increased operational efficiency and strengthened operational control. The industry-leading solution is currently live in key markets across Asia, Africa and the Middle East, with more markets across the Bank’s footprint to follow.
Traditional documentary trade requires millions of data elements in paper-based, unstructured documents – often issued by various companies – to be reviewed through a largely manual process. With the implementation of the Trade AI Engine powered by IBM, this time-consuming and high-risk process is now significantly automated.
The innovative solution allows the Bank to handle high volumes of diverse back office tasks with greater efficiency and accuracy, thus offering a more seamless trade processing experience for clients.
“As a market leader and major intermediary between buyers and sellers in the centre of global trade, we process more than 36 million pages of trade documents annually, with over 200 million data elements for name capture and processing,” said Lisa Robins, Global Head, Transaction Banking at Standard Chartered. “The Trade AI Engine significantly reduces the amount of time and effort in this review process while raising the bar on our controls environment, further enhancing our ability to play the connector role for our clients by facilitating transactions at pace with the growth of their businesses.”
“Trade document processing traditionally relies on a high degree of manual effort to ensure transaction compliance. IBM worked with Standard Chartered Bank to develop a solution that would automate the retrieval of key information from text within scanned documents.
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from Pakistan Observer http://bit.ly/2Z2PTgX
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