Deutsche Bank partners with Traydstream to automate document checking for their Trade Finance products
The partnership with Traydstream will boost the bank’s ongoing efforts to digitise and automate its documentary trade business, enhancing controls, ensuring scalability for profitable growth and ultimately improving corporate clients’ experience in the letters of credit business.
Deutsche Bank and Traydstream have been working together since July 2021 with a detailed pilot of the Traydstream automated trade document checking platform. Both parties have now announced a further commitment for a deep dive into the bank’s trade operations as well as integration of Traydstream’s AI tools. The parties have agreed to integrate the Traydstream platform into the Deutsche Bank environment and intend to subsequently roll out the platform globally.
Claudia Hussy, Trade Finance Product & Process Management at Deutsche Bank, says: “Traydstream’s extensive trade expertise and technical knowledge will enhance our Trade Finance offering improving the processes for our global documentary trade business. It brings our client service to the next level and is a further endorsement for automated document checks as a key enabler for the digitisation of documentary trade products. “
Traydstream has recently launched the 2.0 version of its platform, with enhanced speed and accuracy of its data extraction and classification models, and integrated third-party providers for compliance checks. The 2.0 platform further augments all workability checks, across all available documents, including underlying letters of credit, in accordance with global trade rules (Uniform Customs & Practice for Documentary Credits and International Standard Banking Practice).
Another update to the 2.0 platform includes a cloud native architecture as well as new user interface that utilises all the learnings from documents the system has processed over the past twelve months.
“The entire team at Deutsche Bank, from Business to Operations and Technology, have been clear on the value add that they are looking for. Traydstream is excited to work with Deutsche Bank – the leading Trade Finance bank in Europe – on the transformation of their global documentary trade business” said Moshe Wolfson, Traydstream Global Sales & Implementations Head for Europe & the Americas.
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