Traydstream names former Citi exec Asif Ali MD, product

As seen on Finextra here.

 

Trade finance software firm, Traydstream, have announced the executive appointment of Asif Ali as Managing Director of Product.

Ali brings extensive knowledge of the trade space to the FinTech, having most previously headed Citi’s Trade Business for United Arab Emirates (UAE), Iraq and Lebanon, in addition to Corporate Trade Sales for Middle East and Pakistan (ME&P).

In its bid to become the go-to platform for banks and corporates looking to digitalise and automate the core trade finance processes of document collection and verification, this is the latest in a string of appointments announced by the firm, as they seek to build out their core management with top trade and technology individuals.

Asif Ali’s appointment as Managing Director of Product represents a significant addition to the team, bringing over 23 years of trade experience across business management, product development, client sales and operations, and risk control. At Traydstream, Asif will manage and own the core product and compliance pillars reporting directly to the CEO.

On his shift into FinTech and appointment at Traydstream, Asif Ali gave this comment: “Having faced firsthand the pain-points of manual dependence and the duplication of processes, Traydstream’s solution stands out as truly having the potential to automate the back-end processes that underpin trade finance, making banks’ and corporates’ lives markedly easier.”

Co-Founder at Traydstream, Achille D’Antoni described Ali’s hire as “Excellent news for Traydstream; Asif is a consummate professional whose world-class trade knowledge and expertise will ensure the continued development of our leading solution to the manually dependent and cumbersome global operations of trade finance”.

Trade finance – how it’s catching up with the digital age

As seen here on Global Banking and Finance Review

 

Uzair Bawany, COO at Traydstream, explains that the ancient process of trade finance is finally being transformed thanks to the application of artificial learning, machine learning and robotics.

Although it drives the global economy, trade finance processing remains in a time warp and hasn’t really progressed over the centuries. Despite the modern digital world that we live in, current trade finance operations still involve manual, paper-based processes that are duplicated across multiple parties. The net result is that these activities remain extremely costly, time intensive and inefficient. At long last, the trade finance process is now the target for massive disruption to move into a new era of digitisation and efficiency.

Why change is required

A good example of the problem is the transfer of trade documents. A supplier will draw up the documents and send them to its bank, which will then send the documents to the buyer’s bank, which will then send them on to the buyer. All parties involved basically perform the same process, which is an enormous waste of time and resources – and can take many weeks to complete.

This status quo creates major inefficiencies at every point of the trade finance process, as well as security and compliance risks – with heavy fines and an abundance of regulatory obligations, becoming increasingly commonplace.  Some firms have tried to digitise parts of the process with electronic Bills of Lading and other similar components to a transaction, but this really isn’t solving the real issue – as checks still need to be performed.

Imagine the scenario of a trade transaction between two oil majors, transacting a large oil shipment. To start the trade, the shipment is made and the exporting major prepares its’ documents – this process could take between three and four days. The documents are then handed over to its bank for checking against the Letter of Credit, which could easily take two more days. At this point, it would be highly likely that the documents are sent back to the major for corrections due to discrepancies – which further delays the end-to-end chain. These documents are then physically sent to the buyer’s bank that will take another two days to process. If all is well, the buyer will get the documents to concur and be ready to pay.

This end-to-end process could take ten to twelve days, not to mention the holiday impact – depending on jurisdictions. That said, oil majors, typically benefit from a faster turnaround, and so the process can be quicker. On the other hand, with SME’s, or other sectors, this process through the banking system could take much longer. It’s also a process that goes on day in day out for all companies trading in the international arena.

The biggest barrier to addressing trading inefficiencies in the finance sectors has been the inertia to change. As trade finance processes have remained the same for decades, it’s hardly surprising there is a certain comfort factor associated with this.  Additionally, over the last ten years, financial organisations have been faced with huge regulatory pressures and increased capital costs. A general political climate where banks need to become more utility-like in their approach has also meant that “change” has not been their priority.

Thankfully, we are now seeing a new industry focus on efficiency and accuracy, driven by the huge attention on expense management – which is forcing organisations to be more receptive to change. Life after Brexit is also another key driver – especially when dealing with the inevitable changes in trading rules. Solutions are therefore being sought that enable operational processes to become leaner and fitter – and this feels like a behavioural shift which is more endemic.  This can only be a good thing for the industry.

Technology game changers

To overhaul the trade-finance industry and more specifically – the documentation process, senior management and business leaders in the banking and finance sector are embracing technology and championing it through their respective organisations. Digitalisation and leading-edge technology are now the key areas of strategic focus – driven by the promise of potential cost reductions, efficiency and compliance benefits.

New technologies, such as robotics, are positively disrupting the trade finance sector, specifically with the automation of key processes such as moving documents and data, enacting document comparisons and performing due-diligence checks. Other technology innovations like artificial intelligence (AI) and behavioural learning can arm trading partners with transparency and predictability in global trade and provide a greater capacity to identify potential non-compliance and fraud risks.

In practice

New digital, cloud-based, platforms are emerging that enable banks and corporates to complete trade finance operations, in minutes – rather than days. Through the use of best in class technologies, in a safe and secure manner, information can be shared, checks can be conducted and the entire process can be consummated quickly. These platforms work by scanning trade finance documents and extracting the data using advanced Optical Character Recognition (OCR) software which the platform can use downstream. Subsequently, the data is run through a very sophisticated artificial intelligence and machine learning-based, rules algorithmic engine.

These platforms are able to come up with responses and decisions which humans currently take on a daily basis, enabling the entire process to become data-driven – as opposed to paper dependent – with an exceptionally high rate of accuracy and precision. These automated steps include document discrepancy-checks, due-diligence, and regulatory and compliance screening, thereby making the role of the user, more the exception rather than the rule in discovering errors, and removing the need for mundane, repetitive activities.

The underpinning of any global system for banks and corporates needs to be in a very safe and secure environment, so platforms use the best in class measures to keep data partitioned and protected.  Very soon, blockchain technology will also be integrated to further enhance transaction processes and research is currently being conducted on live trades. Once incorporated, it will reduce the trade cycle time even more.

Positive outcomes

This new technology wave promises to reduce the costs and complexities of trade finance for banks and corporates, and even enhance working-capital management. The use of Smart contracts (i.e. digitised contracts), AI and Machine Learning to automate processes –  ensures a more streamlined operational process across the whole Trade ecosystem.

The ability to access, examine and approve original documents remotely and separately from other parties—anywhere across the supply chain— will improve logistical efficiency at banks, ports and terminals. By enabling individuals in different countries to collaborate on drafting digital documents, it will also reduce errors, centralise processes, maintain data integrity and accelerate the completion of agreements from weeks – to minutes.

Another key benefit of digitalisation is by increasing visibility and by making processes more efficient and reliable, it becomes easier to comply with regulatory requirements. With the increased control and visibility over documents, and the capability to instantly transfer documents across the globe – this can help organisations reduce the risk of fraud too. Documents can be issued or endorsed only by authorised users and can be configured to prevent unwitting transfer to sanctioned parties.

There are also wider economic benefits. As the cost of processing a letter of credit decreases, this reduces the entire cost of trade finance operations. The ease of process also facilitates customs-clearance procedures—allowing goods to move through supply chains more easily and reach consumers faster.

Looking forward

Although change won’t happen overnight, and transformation is still at an early stage, there’s clearly great potential for technology to create major efficiencies and opportunities in the trade finance sector. Ultimately, as finance sector organisations continue to show increased interest in collaboration, and as technology continues to innovate – the multiple benefits for all parties operating in trade finance will be transformational.

Expansion of Traydstream’s C-Level Continues

As seen here on Global Banking & Finance Review

 

Trade finance software firm Traydstream has announced the executive appointment of Shishir Vyas as the firm’s Chief Client Experience & Digitisation Officer.

As the fintech continues to expand its core offering to banks and corporates of automating the critical processes that underpin trade finance, the appointment signals the next stage in the company’s progress from pilots to commercial mandates.

In his role as Chief Client Experience & Digitisation Officer, Shishir will focus on leveraging the latest technology to enhance customer engagement (spanning across digitally enabled touch-points and assisted channels), and leading the creation of innovative solutions at Traydstream to improve the value derived by end users.

Shishir brings hands-on expertise in the implementation of internet and mobile banking, portal technology and architecture, and customer relationship management (CRM) or customer-centric solutions, gained from over 20 years at banks and other financial services institutions. He has led award-winning technology solutions for leading global banks, enhancing business capability across multiple markets. Previous to Traydstream, Shishir has worked at leading multinationals such as Citi, Mphasis, ANZ Grindlays, and TATA Motors, and most recently ran his own digital strategy consultancy business, focussed on financial services. He holds an MBA from Indian Institute of Management (IIM), Calcutta, and a Bachelor of Technology. from Indian Institute of Technology (IIT), Kanpur.

On his appointment, Shishir commented: “Having worked with some of the best and brightest technology folks in banking and technology, I was seriously impressed by how this highly talented team, comprised of banking experts and technology ninjas, was working together in close concert to create a solution for a challenge that no-one had attempted to address previously. I am thrilled to be a part of this superpowered team, and very excited to be leading the Client Experience & Digitisation efforts for transforming how banks, corporates and even SMEs engage in international trade.”

Traydstream is marked by its holistic approach to the digitalisation of trade finance, with a focus on the automation of key processes like document discrepancy-checks, due-diligence, and regulatory and compliance screening, as well as the initial stages of converting data to digital format (a process achieved by their proprietary Optical Character Recognition (OCR) technology). Designed and built by leading individuals from the banking and technology communities, Traydstream is making headway in an industry increasingly aware of its need for reform.

Traydstream named Online Technology Provider of the Year

 

Trade Finance software firm Traydstream have been named ‘Online Technology Provider of the Year’ at the prestigious FStech Awards 2018. 

Now into their 18th year, the FStech Awards, hosted by FStech Magazine, showcase excellence and innovation within the UK and EMEA financial srevices sector. Celebrating the very best across a range of categories, the awards ceremony and gala dinner were hosted by the brilliant comic Lucy Porter on 22nd March at the famous London Mariott Hotel, Grosvenor Square.

Traydstream had also been nominated for the ‘Financial Sector Innovation of the Year’ category, but were pipped to the post by TSB Bank.

You can view all other category winners here.

Collecting the award on the night, Traydstream CEO Sameer Sehgal gave this comment on their success: “We are delighted with this continued recognition of Traydstream’s capabilities. It is a unique product that is transforming the trade finance landscape for the better, offering clients more accurate and efficient document processing and scrutiny, at a fraction of the time and cost.

Traydstream is making waves within the world of Trade Finance, an industry heavily reliant on manual intervention, and the paper-intensive duplication of work. The platform is currently being road-tested with numerous banks and large corporates who are seeking to improve their trade operations with the implementation of newly available technology.

About the awards:

The FStech Awards, the official awards show of FStech Magazine, represents the pinnacle of best practise, a chance to learn from the best, a fantastic gala dinner, entertainment and the chance to network with the best of the industry. It’s free to enter the awards and you can put your organisation forward in as many categories as you wish.

http://www.fstech.co.uk/awards/

Traydstream arm in India to service Global Banks and Corporates as Centre for Trade and Technology Expertise

As seen on Global Trade Review

Traydstream, a UK-based fintech company that aims to digitalise and automate trade finance, has opened a new office in India, its first global servicing hub for its trade, technology and client service operations.

The entity will house experts in the disciplines of trade and technology to support the ongoing development of Traydstream’s proposition, as well as servicing clients around the world.

Launched last year, the fintech firm’s solution digitalises trade documents and automates regulatory compliance screening using artificial intelligence (AI) and optical character recognition (OCR) technology.

Traydstream’s CEO, Sameer Sehgal, tells GTR the company has been talking to a number of industry seniors and is looking to announce its director of operation and the office’s executive team soon.

He says the creation of an India entity was a “natural decision” for the company.

“Over the last few decades India has firmly established itself as a leader in the tech and software industry and as a primary offshore processor for trade for organisations around the world. It’s got a deep bench strength of trade and banking professionals focussed on operations, something which we found extremely attractive,” he explains.

Based in Mumbai, the new entity will be able to serve clients 24/7, together with the office in London, Sehgal adds.

Traydstream’s solution consists of three key modules: an OCR engine, which uses AI to read, scan and instantly structure and store paper-based information digitally; a rule-checking function; and a compliance engine that utilises machine learning algorithms to verify and scrutinise for compliance with international trading rules and regulations.

The company is currently in varying stages of discussions, including undertaking pilots and proofs of concept, with almost 50 banks and corporates around the world. Around 15 of them are based in Asia.