NEW YORK–(BUSINESS WIRE)–September 21, 2022–
Cleareye.ai announces a new global strategic alliance with JP Morgan Trade and Working Capital Group. The alliance leverages an industry-leading digital solution, ClearTrade, to solve the challenges facing Trade Finance operations today and tomorrow. Through significant technological advances, the ClearTrade platform streamlines the onerous due diligence processing associated with Trade Finance transactions and the multitude of physical documents still present in the industry today.
Trade Finance is an industry undergoing a digital transformation. The ClearTrade solution offers a revolutionary change for banks to ensure they can continue to operate in this evolving landscape plagued by a significantly increasing cost base.
Over the past year, ClearTrade has been integrated into JP Morgan’s trade processing system and now supports live transactions in the APAC region, with a global rollout expected in the coming quarters. Through this initiative, JP Morgan will be able to further leverage document digitization through powerful image processing solutions with the ability to accurately extract, validate and classify unstructured data. This level of digitization allows:
Intelligent interpretation of data and documents to automate the examination of letters of credit documents Contextual and configurable rules engine to complement existing customs and uniform practice rules for documentary credits and international standard banking practice rules Identification of red flags of money laundering and trade-based sanctions Seamless integration into any existing trade finance back-office platforms
Cleareye strongly believes that the ClearTrade solution has the ability to increase the productivity of Trade Finance operations by up to 70%. Through automated review of thousands of business submissions, including common and non-industry standard document types, the solution has demonstrated up to a 9x increase in business speed, a significant reduction in document verification errors, accuracy standards greater than 85% and up to 80% reduction in E2E processing time.
Stuart Roberts, global head of trading and working capital at JP Morgan, says: “The digitization of trade finance documentation has the ability to deliver real benefits to JP Morgan and our clients. Banks have struggled to solve the manual data entry puzzle in this business for many years and our alliance with Cleareye is taking significant steps to solve the problem. The ClearTrade platform also helps us accelerate and prepare our clients’ business while reinvesting savings to improve controls and risk management.”
Mariya George, CEO and co-founder of Cleareye, says: “JP Morgan maintains a gold standard for digital innovation while ensuring regulatory needs are met, and we are very excited about the implementation and launch of ClearTrade. This also strengthens the strategic alliance between our companies and the vision to digitize the business operations of banks around the world.”
About Cleareye.aiCleareye.ai is an advanced artificial intelligence and machine learning platform that enables banks to launch products at a rapid pace. Headquartered in California with offices in New York, Bahrain and India, the company aims to simplify banking. The platform leverages technological advances with a fully automated document processing layer, unified ML lifecycle management, data management, model governance, and a dynamic rules engine leveraging NLP. This will transform banks into hyper-agile organizations that customers want to bank with and deliver exceptional customer service, drive short-term profits and long-term growth, and generate insights to sustain momentum at digital scale. Cleareye.ai was founded by global technology leaders, representing decades of business and digital banking experience. For more information, visit www.cleareye.ai
View the activated source version businesswire.com:https://www.businesswire.com/news/home/20220921005017/ca/
contact@cleareye.ai
KEY WORD: NEW YORK UNITED STATES NORTH AMERICA
Key Industry Industry: Marketing Technology Advertising Communications Artificial Intelligence Other Professional Services Insurance Human Resources Consulting Banking Banking Social Search Engine Service Optimization Professional Search Engine Marketing Blogging Other Software Networks Technology Hardware Other Communications Data Management Publishing Publish Reedes/Investor relationships
SOURCE: Cleareye.ai
Copyright Business Wire 2022.
PUB: 21/09/2022 04:00/DISC: 21/09/2022 04:03
Copyright Business Wire 2022.
[ad_2]
Source link
