Lloyds Bank has announced its partnership with Cleareye.ai , an AI specialist in the trade finance space, to provide clients and customers with optimised solutions. Following this announcement, the tech company’s advanced technology will be used in order to automate and streamline processing and compliance reviews of trade documents for Lloyds Bank’s clients.

In addition, both financial institutions are expected to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evovling market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement Throughout this partnership, the companies will use artificial intelligence in order to streamline the processing and compliance checking of trade finance documentation to drive efficiencies for customers. Cleareye.ai’s ClearTrade technology is set to be implemented this month.

The advanced technology is set to use optical character recognition (OCR), machine learning, and natural language processing algorithms. OCR represents the electronic or mechanical conversion of images of typed, handwritten, or printed text into machine-encoded text. This process is expected to extract critical information from trade documentation, including digital and paper-based import and export documentary letters of credit, undertakings, trade loans, and documentary collections.

In addition, the AI-powered technology is expected to also conduct automated examinations of documents, in line with the International Chamber of Commerce Rules for Documentary Credits and Collections. At the same time, this includes critical compliance checks, including trade-based money laundering (TBML) checks. The collaboration follows a number of UK and global firsts achieved by Lloyds Bank, which reflects the financial institution’s continued commitment to innovation and the overall use of digital technologies in trade finance.

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