Traydstream partners with Infosys Finacle to drive blockchain based trade finance automation
12th May 2020
Traydstream, the fintech leader in trade document scrutiny using artificial intelligence (AI), today announced the signing of a joint partnership agreement with Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY).
As part of the partnership, Traydstream’s solution will be integrated with Finacle’s Blockchain based trade finance solution, Finacle TradeConnect, to enable further automation of trade finance processes.
Traydstream’s modular technology extracts data intelligently, using AI and optical character recognition. It slashes the time to complete checks on the dozens of documents generated by a single shipment, using a machine learning based engine to check against the underlying trade transaction with over a quarter million rules permutations. This is a huge advantage for all exporters and banks when trade operations expertise is in short supply and billions of trade documents are in circulation at any time. Mistakes or delays can be very costly.
Traydstream’s platform can automatically recognize over 160 different document types and is able to extract as well as understand over 3,000 attributes, allowing Traydstream to support Export and Import Letters of Credit (Issuance, Amendments and Document Presentation); Documentary Collections (Imports and Exports) and Open Account transactions.
Finacle Trade Connect is a blockchain-based solution designed to automate inter-organisation processes for trade finance. The solution digitizes the trade finance business processes, including validation of ownership, certification of documents and making payments, while working on a distributed, trusted and shared network. Finacle TradeConnect is available for a range of functions, including Bill Collection, Letters of Credit, Open Account for Trade, C2C Transactions for Trade, B2C transactions for Trade, PO Financing and Invoice financing.
“We are very proud of being a part of the Finacle partner ecosystem. We believe that Traydstream can add value very quickly to Finacle clients and contribute to their overall vision” remarked Shishir Vyas, Head of Partner Solutions at Traydstream. “Our objective is to improve the quality of trade rules and compliance checking by automating the most manual and error prone parts of the process so that people can truly focus on the discrepancies that are going to save their business time and money.”
Venkataramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle, said, “With Finacle Trade Connect, we are helping our clients reimagine the trade finance processes to deliver unprecedented levels of digitization and automation across the ecosystem. The solution delivers significant improvement in transparency, speed, and operational efficiencies, among trade parties. Consequently, our clients have experienced processing time reduction by nearly 75 %. We believe the partnership with Traydstream will further enhance our value proposition and help our clients unlock greater value “