Enabling digitally led trade growth is a key opportunity
21st May 2020
Vinod Madhavan, Head of Trade for Standard Bank Group
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Standard Bank partnered with Traydstream – a fintech that leverages OCR and machine learning – in 2019 to digitize the current manual process of checking the document against the Letters of Credit for Discrepancies. The OCR tech allows for us to get a response to a document within less than an hour in some of Standard Bank’s markets. The typical validation process could take anywhere between three to five days, in fact the international banking norms, allows for five working days for this activity to take place.
Importantly, the machine learning system will continue to learn and evolve over time improving on its benefits. It also offers value-added services such as shipping vessels tracking, which is particularly useful for our clients who are importing from around the world.”