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.

Traydstream Wins Award for Best UK Digital Experience in Financial Services & Fintech

 

Traydstream Wins Award for Best UK Digital Experience in Financial Services & Fintech 

Trade technology firm Traydstream has taken home the award for best Financial Services & Fintech in the UK Digital Experience Awards 2017.

Celebrating the very best in organisations that offer exceptional digital experiences for their valued customers, the awards were hosted at the famous Wembley Stadium in London on 22nd November 2017, in conjunction with the UK Business Awards. The ceremony was host to over 500 contestants, including industry leading firms like Lloyds Banking group, Three UK, GlaxoSmithKline, Virgin Money, Thomson Reuters, and many others.

Entrants were scrutinised by a judging panel featuring some of the sharpest industry minds, examining the businesses’ digital contribution to the sector, disruptive ability, and innovation of solution. Scoring accorded to strict criteria aligned with the Cranfield School of Management.

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 seniors within the banking and technology communities, Traydstream is making headway in an industry increasingly aware of its need for reform. In fines alone, banks globally have paid ‘USD $321 billion in fines since 2008 for an abundance of regulatory failings from money laundering to market manipulation and terrorist financing’, according to data from Boston Consulting Group.[1]

Co-founder and Chief Operating Officer at Traydstream, Uzair Bawany, said of their recent accolade: “It’s been a challenging and fascinating journey to date; receiving this award is wonderful recognition of our efforts to reform a sector crying out for change. It is only the beginning of Traydstream’s future impact on the industry.”

On the increasingly high value placed in Digital Experience, Awards International CEO Neil Skehel said of the awards: “Digital Experience is fast becoming one of the most important fields for businesses right across the globe. Today’s customers expect a lot from firms when it comes to offering a digital pathway, and if they can’t keep up they will be left behind.

These awards are a way of showcasing the most innovative and exceptional firms, whose Digital Experience for customers is second-to-none at a time of rapid change and ruthless competition.”

 

[1] Bloomberg, ‘World’s Biggest Banks Fined $321 Billion Since Financial Crisis’, <https://www.bloomberg.com/news/articles/2017-03-02/world-s-biggest-banks-fined-321-billion-since-financial-crisis>.

UK Digital Experience Awards 2017: Finalists Revealed

The UK Digital Experience Awards 2017 are to take place at London’s Wembley Stadium in what promises to be one of the most thrilling industry events this year.

Celebrating the very best in organisations that offer an exceptional digital experience for their valued customers, the awards will now be hosted earlier than planned at the famous London venue on November 22, in conjunction with the UK Business Awards

Finalists will compete in 18 categories for awards including best Omni-Channel Experience, best SEO, and best Mobile Strategy.

Entrants will be scrutinized by a judging panel featuring some of the sharpest industry minds, who will be examining the businesses’ digital experience portfolio and scoring according to strict criteria.

The gala event – which is being held by Awards International with the valued support of partners Barnardo’s, CXM, and Cranfield School of Management – is also shaping up to be one of the calendar’s key networking opportunities, ensuring that every attendee walks away with something valuable, even if it’s not one of the sought-after awards trophies.

Following the announcement of this year’s finalists, Awards International CEO Neil Skehel said: “Digital Experience is fast becoming one of the most important fields for businesses right across the globe. Today’s customers expect a lot from firms when it comes to offering a digital pathway, and if they can’t keep up they will be left behind.

“These awards are a way of showcasing the most innovative and exceptional firms, whose Digital Experience for customers is second-to-none at a time of rapid change and ruthless competition.

“It’s also fantastic to be able to bring the DX Awards to a new and bigger venue, the world-famous Wembley Stadium. It’s going to be a hugely exciting day for celebrating what makes UK businesses among the best on Earth for communication with their customers.”

 

Financial Services and Fintech Award:

Brilliant Basics

Divido Financial Services Ltd

Monese

Tempcover Ltd

Traydstream

Not for Profit and Charity Award:

GRIT Digital on behalf of The Association of Independent Museums

RHP Group

Xaxis on behalf of GlobalGiving

Yoyo Design on behalf of England Athletics

Best Online User Experience B2B:

Orange Bus

Sage in partnership with Valtech

Lloyds Banking Group (AO&O)

Thompson Reuters

Best Online User Experience B2C Award:

Absolute Design Association Ltd on behalf of 3P Direct Ltd

Eurostar

Foundit on behalf of Amara

Hallam Internet on behalf of Virtual Runner

Virgin Money

Business Transformation Award:

Business Stream in partnership with Cap Gemini

Cardiff and Vale College, Wales in partnership with PwC UK

Sage in partnership with Valtech

Vortex Commerce Ltd on behalf of AKW

Business Transformation Award:

Business Stream in partnership with Cap Gemini

Cardiff and Vale College, Wales in partnership with PwC UK

Sage in partnership with Valtech

Vortex Commerce Ltd on behalf of AKW

Business Change Award:

Eurostar

Lloyds Islands Community Bank

Royal Bournemouth and Christchurch Hospitals Trust Outpatients Department in partnership with Social Facilitators and Humap Software

Sagittarius on behalf of Contiki

Thomoson Reuters

Virgin Trains

Cloud Service Award:

SignStix Ltd

Consortiq

Nobly POS

 DX Innovation Award:

Draper and Dash

MOO

Rachel Dalton Communications on behalf of Ieso Digital Health

Sage

The BIO Agency on behalf of British Airways

Three UK

Mobile Strategy Award:

Aston Barclay Group

GlaxoSmithKline

Nobly POS

Three UK

Virgin Trains

Omni-Channel Experience Award:

Business Stream

Divido Financial Services Ltd

Jacada

Lloyds Banking Group

Severn Trent

Vizolution in partnership with O2

Use of SEO:

Banc on behalf of Gazprom Energy UK

Three UK

Virgin Money

Digital Team Award:

Absolute Design Associated Ltd on behalf of 3P Direct Ltd

B&Q plc in partnership with Digits Industries Ltd

Digital Transformation Service Northern Ireland

NS&I

Severn Trent

Beyond the Blockchain – The Role of Traydstream within End-to-End Transactions

 

A lot has been made recently of the advent of blockchain in financial services, and banks must be applauded for their commitment to change; consortiums like R3 are clearly positive initiatives that demonstrate the industry-wide desire to innovate. With global trade finance revenues reaching their lowest level in seven years, with a 5% decline year-on-year announced for the first half of 2017, as reported by GTR[1], this desire has reached a tipping point.

Trade Finance is one area, in particular, where the introduction of blockchain technology would appear to have a profound impact.

Trade remains an industry that relies on the iterative updating and transfer of paper-based documentation but with blockchain these iterations could be centralised – or rather decentralised – removing the costs and delays involved with the duplication and transfer of documentary credit between buyers’ and sellers’ banks and insurers. This approach enables the simultaneous digital recording of data across multiple parties, leading to secure transactions and instantaneous updating.

This is however only one part of the process as far as trade finance processing is concerned. The ‘heavy lifting’ involved in the scrutiny of transaction documentation for regulatory compliance remains largely un-automated, and this is where Traydstream has focussed its efforts.

Currently banks employ extensive teams of ‘document-checkers’ to scrutinise the transaction documentation. This involves different aspects of scrutiny including highlighting discrepancies between entries or missing fields; ensuring compliance with international trading standards and embargoes as set by the UCP Rules and ICC’s ISBP regulations; and spotting contravention of country and port specific sanctions, as well as internal banking policies.

Since the financial crisis these regulatory requirements have accelerated drastically with the number of individual regulatory changes that banks must track on a global scale more than tripling since 2011, to an average of 200 revisions per day, according to BCG research.[2]

This has led to spiralling compliance costs for banks with the cost of inaction being equally severe – ‘strict regulatory enforcement has brought cumulative financial penalties of roughly $321 billion (through to the end of 2016).[3] It is in this environment that the need for smarter methods of reviewing and scrutinising transactions has become mission-critical.

Traydstream’s solution is aimed at solving these challenges, reducing the regulatory burden without sacrificing transaction scrutiny or security. We have spent the last three years developing a platform that extracts data using a propietary OCR engine, breaks down the conditions of the document and scrutinises it for regulatory compliance using with what we believe to be a unique rule engine.

The platform mirrors exactly the job of a document checker today, using cognitive behavioural technology to learn from each transaction, memorise document behaviour, and perceive potential issues.

With this tailored use of Artificial Intelligence and Machine Learning, the platform can automate the end-to-end processes of trade finance using manual paper based records, OR their digital equivalents through blockchain technology.

Smart contracts (which are one of the most highly anticipated applications of the blockchain) are, in effect, computer programs that verify, or enforce the negotiation or execution of an agreement.  Clearly this has highly positive implications in facilitating documentation BUT they still need to be checked, scrutinised validated, and this is the purpose behind Traydstream.

At Traydstream, we view the processes behind regulatory compliance as one of the big challenges that lie in Trade Finance and have hit this ‘head-on’ to change the landscape on how trade is processed.   We are committed to delivering an intelligent end-to-end solution that will process in minutes what currently takes banks hours and in many cases days.

We see Traydstream as a real game-changer, whose solution is only improved by blockchain adoption.  Having concentrated our efforts on solving the processing piece of the trade puzzle, we are excited to be launching our solution into the market.

 

Uzair Bawany

Felix Bradshaw

 

[1] Global Trade Review, ‘Global trade finance revenues hit seven-year low’, <https://www.gtreview.com/news/global/trade-finance-revenues-hit-seven-year-low/>

[2] Boston Consulting Group (BCG), ‘Global Risk 2017: Staying the Course in Banking’, <https://www.bcg.com/publications/2017/financial-institutions-growth-global-risk-2017-staying-course-banking.aspx>

[3] BCG, ‘Global Risk 2017: Staying the Course in Banking’.

 

Citi’s Sehgal joins new fintech firm Traydstream

As seen on Global Trade Review’s (GTR’s) On The Move

31/08/17

Sameer Sehgal, until recently Citi’s head of trade for Europe, Middle East and Africa, has left the bank to become the CEO of Traydstream, a new fintech company that aims to digitise and automate trade finance.

Sehgal brings over 22 years of experience in trade, having held a range of senior roles at Citi and Bank of America. Most recently he headed Citi’s trade, export agency and commodities business in Emea, a position he has held since 2009. During his time there, he helped the bank build new capabilities, including the expansion into supply chain finance, export and agency finance, shipping and commodities finance.

Based in London, Traydstream is a new fintech player in the trade finance space. It has recently launched a solution that digitalises trade documents and automates regulatory compliance screeningusing artificial intelligence (AI) and optical character recognition (OCR) technology.

Sehgal will lead Traydstream through a crucial period for the company, which has pilots scheduled over Q2/3. It has already started its first pilot with a bank in Asia, and will soon start testing with a European corporate. The company says it is also in advanced discussions with three other banks in Europe and one in Africa.

Traydstream co-founder and COO, Uzair Bawany, says the appointment of Sehgal is “invaluable to us in charting a course for the exciting future for our business”.

The firm’s other co-founder and global sales head, Achille D’Antoni, adds: “Sameer is a true industry expert. Uzair and I are delighted that he has joined us and he genuinely shares in our vision to re-shape trade finance. We are very excited with the next phase in our business as we move to pilot phase with leading banks and I cannot think of a better person to have at our helm.”

Commenting on his move from Citi to Traydstream, Sehgal says: “Digitisation and automation in trade is long overdue and Traydstream’s solution is refreshingly creative. The technical tools at hand today promise to redefine international trade and commerce. It’s a fascinating time to be in the industry and working on these game-changing innovations.”

The hire of Sehgal follows those of three senior staff members to lead the firm’s technology, product development and agent relations teams.

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.