ACCELERATING TRADE DIGITALIZATION TO SUPPORT MSME FINANCING

Micro, small and medium-sized enterprises (MSMEs) are the backbone of the economy, representing 95 per cent of all companies worldwide and accounting for 60 per cent of employment. They are fundamental to the day-to-day provision of goods and services around the world. Yet many struggle to grow and trade. Among the many challenges that MSMEs face, a lack of access to finance, including trade finance, is frequently identified as a critical barrier to growth.

Digital technologies, from cloud computing to application programming interfaces, to the Internet of Things, artificial intelligence and distributed ledger technologies, open up a range of new opportunities for MSMEs.

The technology is there, making interesting promises. According to the ICC Global Survey 2020, 28 percent of banks are using OCR for data extraction and creating searchable documents.

OCR is also being used by various FinTech companies active in the trade digitalisation space, often in conjunction with other digital technologies, in particular AI and ML.

Traydstream is a cloud-based solution that digitises documentary trade (letters of credit, documentary collections and open account financing) into a machine-readable format, using ML to automate the scrutinising, clause-matching and rules- and compliance-checking processes.

Recent Posts

Reshaping Trade Finance in Africa – Webinar of 7 July 2021

Reshaping Trade Finance in Africa – Webinar of 7 July 2021

Traydstream invited representatives of Co-Operative Bank of Kenya and ABSA Bank Kenya to discuss on-going technology developments in trade finance in Africa. Dayo Fagade, a member of the Traydstream team introduced the session and the panelists as follows: Dorcas...

Traydstream adds the power of MS Vision to its OCR Engine

Traydstream adds the power of MS Vision to its OCR Engine

In its latest platform release, Traydstream has added Microsoft Computer Vision as a component to its existing Optical Character Recognition model. MS Computer Vision is a part of Azure Cognitive Services and boosts text extraction capabilities. Traydstream has...

Automation of Document Examination under Documentary Credits

Automation of Document Examination under Documentary Credits

As digitisation continues to evolve, automated document examination will become the new normal as financial institutions learn to trust and understand how machines work and the consistent approach that this brings to the review. Let us learn about the different levels...

An update on automated document checking

An update on automated document checking

World Trade Organisation (WTO) estimates that "some 80-90% of world trade relies on trade finance". Despite this, the sector has not undergone the same technological advancements found elsewhere in finance. Currently the processes of documentary scrutiny behind trade...