UK-based Pelican AI has partnered with global provider of trade finance solutions Surecomp to support trade-based risk management. This collaboration seeks to address the requirement for more efficient and accessible data extraction from trade documents within the financial sector.

Through intelligent automation of trade documents and precise extraction and validation of data from the trade finance process, this partnership between Surecomp and Pelican AI aims to enhance trade productivity, mitigate risk, ensure compliance, and enhance the capacity to manage increasing trade volumes for financial institutions using RIVO. According to the official press release, given the intricacies and paper-dependent nature of trade finance processes, expanding a compliant operation in the industry requires the efficiency and automation provided by digital solutions. A significant challenge for financial institutions is achieving growth while maintaining regulatory compliance without straining resources.

Representatives from Pelican AI expressed their contentment with the collaboration, describing it as a unique blend of established trade finance and compliance proficiency with innovations based on artificial intelligence and cloud technology. They emphasised the opportunity this collaboration presents in aiding financial service entities of various sizes. Officials from Surecomp welcomed Pelican AI as a new fintech partner within the RIVO hub and recognised compliance as a primary concern for banks worldwide while highlighting the partnership's role in helping banks manage regulatory obligations by providing essential data and on-demand reports.

What else has Surecomp been up to? Surecomp is a provider of digital trade finance solutions for corporates and financial institutions. The company enables seamless, sustainable trade by breaking down barriers and supporting collaboration. In July 2023,  Surecomp  partnered with ICE Digital Trade to expand digital trade finance capabilities for corporates and FIs.

The technical collaboration between the two companies gave customers the possibility to use Surecomp’s trade finance hub RIVO in order to access, consume, and exchange original trade and shipping documents (including negotiable bills of lading and certificates of origin) in an efficient and secure way. In essence, the partnership aimed to meet the needs and preferences of customers and clients while improving the manner in which they tried to archive their digitalisation goals. In March 2023, Surecomp announced that it is partnering with Contour, one of the global digital trade finance networks, to drive the digital transformation of trade finance across financial institutions.

Through the collaboration with Surecomp’s trade finance platform RIVO, Contour’s member banks gained the ability to access digital Letter of Credit workflows directly on Surecomp’s back-office applications, providing straight-through automated processing, with the intention of reducing costs, improving operational efficiency, and optimising profitability. .