Enabling digitally led trade growth is a key opportunity – Standard Bank and Traydstream

 

 

Enabling digitally led trade growth is a key opportunity

21st May 2020

Vinod Madhavan, Head of Trade for Standard Bank Group

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.”

https://www.fanews.co.za/article/covid-19-coronavirus-disease/1425/investments-economy/1432/enabling-digitally-led-trade-growth-is-a-key-opportunity/29126

 

 

Recent Posts

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...

Traydstream is proud to announce its latest mandate with Absa SA

Traydstream is proud to announce its latest mandate with Absa SA

Traydstream is proud to announce its collaboration with ABSA on continuing to transform their trade finance processes to best leverage the power of digitization and automation. In a multiyear deal, Traydstream will provide its trade document checking platform along...