There is a growing demand for trade finance today. With the increasing demand, the complexities are also getting more extensive and challenging to manage with the manual processes. An essential transition from paper to automated digital processes is widely recognised in the trade industry. Operational transformation is not optional anymore. It is the key lever to face challenges and competition in the global supply chain, considering the sheer number of participants involved in the global trade. Automation will enhance the speed of progress for the processes, ensure cost reduction, and raise profitability.
With trade finance on a path towards digitisation and automation, the industry will be more proactive than reactive in the near future. Using transforming innovative technologies like artificial intelligence (AI) complemented by machine learning (ML), the trade finance processes are relieved from mundane, time-consuming manual documentation and reading, making it more efficient and errorless. The optimisation of documents and data management ensures zero discontinuity to the trade processing flow as we witness it today. Technological integration into the legacy systems and processes converges disparate industries such as trade, insurance, payments, FX, logistics, and even education.
Digitizing opens up an opportunity to reinvent the trade finance world and its complex processes. AI technology-oriented automation enables a world free from intensive labour and paper-based trade finance transactions. Data will be stored digitally, reducing storage costs and transaction turnaround times. Greater connectivity and transparency in the trade finance world allow quick fulfilment from counterparty identification to order placement, from bank facilitation to engaging other parties in the transaction, such as insurers, inspection agencies, freight forwarders, etc.
Traydstream’s innovative and advanced artificial intelligence integrated platforms bring to the world real-game changing automation technologies exclusively designed for the trade finance industry. The company’s cloud-based platforms provide varied services, including digitisation and storing trade finance data and documentation. The platforms assist corporates and banks in adopting technology best suited for their own needs, and the magnitude of gain varies from one business to the other. With a proven track of helping clients digitally transform their trade finance processes across the globe, Traydstream’s innovative technology can support and help your business embrace the shift from legacy platforms to automated ones more quickly than other solutions. The company’s platform is viable for production use within a minimal period after installation.
Traydstream is built with a mission to bring the best in people and technology in digitising the world of the trade from end to end. The platform lets you focus on your customers, minimalizes operational and reputational risks, and provides efficient services. The platform is trained to do things repetitively without making mistakes. It can multitask across hundreds of thousands of transactions irrespective of the time.
Operating digitally and in real-time is more practical in the current scenario. With the regulations and amended laws defining digital documents, the paper-based processes will start receding as a percentage of trade flows in a couple of years, allowing for faster turnaround times. It is high time for corporates and banks worldwide to embrace the digital transformation to face the increasing competition in the trade finance industry and changing business landscape.
