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 finance are heavily reliant on paper-based data and manual intervention by teams of experienced document-checkers. It is a costly and time-consuming process, beset by inefficiencies and repetition.

The current document scrutiny process can take anything from hours, days, or even weeks – delaying operations and payments and creating huge wastage in untapped working capital; by automating much of the groundwork, leaving final approvals and necessary interventions to human oversight.

The good news is that with the recent and ongoing digital developments, specifically with regard to smart Optimal Character Recognition (OCR), Artificial Intelligence (AI), and Machine Learning (ML), are creating a new environment in which the time taken in the paper examination process can be significantly reduced.

With this in mind, the Digitalisation Working Group, following consultation with ICC National Committees, is finalising an information paper which provides background on recent advances in this field together with an outline of the expected benefits. Additionally, in order to assist organisations in understanding where they are positioned, an automation matrix is included within the paper.

Read More :

https://www.tradefinance.training/blog/articles/automated-document-checking-an-update/

 

Recent Posts

3 Trade Finance basics you should know in 2023

3 Trade Finance basics you should know in 2023

The World of FinTechs – An Introduction: We’ll cover the basics quickly, to bring you up to speed. Fintech is an abbreviation of financial technology and is the encompassing term for a growing industry that uses technology to provide financial services. Fintechs are...

Traydstream is proud to have achieved SOC2 certification

Traydstream is proud to have achieved SOC2 certification

Traydsteam is thrilled to announce that we are officially SOC2 attested. This certification provides assurance to our users that our security controls are robust. Clients can rest assured that sensitive data is protected and that we are able to proactively identify...

It’s no secret that sustainability is on everyone’s mind

It’s no secret that sustainability is on everyone’s mind

One thing that humankind is coming to terms with is the necessity for rapid change to protect our planet. If you look for it, each day there is more news and data from bottom to top (firsthand accounts to governmental publications) highlighting human impact on the...

Bounce-back for Trade Finance, ICC Trade Register

Bounce-back for Trade Finance, ICC Trade Register

  Recently, the International Chamber of Commerce (ICC) released its Trade Register, a report they produced with Boston Consulting Group. This trade register provides an overview of various aspects of trade finance – from credit risk profiles, to supply chain...