Automate Manual Trade Finance and Commercial Banking Processes

When you think of international trade, it is mostly underpinned by transactions that takes place between importers and exporters of goods. The banking system plays a key role here as an arbitration channel that helps manage both the parties to conduct business within acceptable terms. It therefore involves international trade regulations, foreign exchange rates, and more.

This requires procedures such as opening an account and securing Letters of Credit (LOC) whereby the buyer’s bank provides the seller a guarantee to make the agreed payment on behalf of the buyer. The Bank therefore needs to assess Contract Documents, KYC Documents, Mortgage Documents, etc., to evaluate the creditworthiness liquidity/guarantee seekers. Timely evaluation of the risks can help the bank’s treasury management team to perform their tasks faster.

New-age Banks therefore need Contract AI assistants and digital worker bots to help their time-deficient Treasury Management teams. It will help them capture data accurately from multiple documents and input them accurately in tranches where they need to be.