Bank-FinTech Collaborations Digitize Trade Finance, Enhance Online Banking

To stay relevant even in a post-pandemic era, businesses leverage emerging technologies such as Artificial Intelligence and Machine Learning.

Bank-FinTech collaborations continue to go strong as financial institutions (FIs) focus on digitizing documents and processes while providing enhanced digital banking experiences to their business customers.

Standard Bank South Africa has started operating on the Traydstream platform. Traydstream works to digitize documents like foreign bills of collections and letters of credit. The offering automates processes such as clause-matching and document-checking via optical character recognition (OCR) and machine learning (ML) technology. Standard’s migration to Traydstream, which was finished on Nov. 5, will bring about efficiencies in the bank’s trade flow while continuing to distinguish it from others in the trade environment.

https://www.pymnts.com/news/b2b-payments/2020/bank-fintech-collaborations-digitize-trade-finance/

 

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...