Standard Chartered partners with IBM to launch Trade AI Engine
Standard Chartered has partnered with IBM to launch the Trade AI Engine, a joint solution which aims to transform the traditional Trade Documentary System.
Traditional documentary trade requires millions of data elements in paper-based, unstructured documents - often issued by various companies to be reviewed through a largely manual process.
By automating this time-consuming and high-risk process, the augmented intelligence (AI) engine will reduce manual back office tasks to improve operational efficiency and control.
Lisa Robins, Global Head, Transaction Banking at Standard Chartered said the company processes more than 36 million pages of trade documents annually, with over 200 million data elements for name capture and processing.
“The Trade AI Engine significantly reduces the amount of time and effort in this review process while raising the bar on our controls environment, further enhancing our ability to play the connector role for our clients by facilitating transactions at pace with the growth of their businesses,” she added
The solution will use optical character recognition (OCR) to turn non-digital shipping documents into a machine-readable format.
It will also use natural language processing capabilites to read and capture context from the data in the documents.
“Trade document processing traditionally relies on a high degree of manual effort to ensure transaction compliance,” noted Likhit Wagle, VP, Financial Services Sector, IBM Asia Pacific.
“IBM worked with Standard Chartered Bank to develop a solution that would automate the retrieval of key information from text within scanned documents”
The solution is current live in key markers across Asia, Africa and the Middle East, with more locations to follow.