JPMorgan slashed the time it takes humans to review trade finance documents from three hours down to ten minutes.
Trade finance – which often still involves paper documents moving between banks, shippers, and exporters – is ripe for technological change. JPMorgan’s new partnership with Cleareye.ai digitizes the process and enables sophisticated automation.
JPMorgan has partnered with Cleareye.ai to make trade operations and compliance more efficient and less risky. Through a combination of computer vision and natural-language processing, Cleareye.ai’s ClearTrade solution ingests documents and then analyzes and validates them based on algorithmic rules created to catch compliance and sanction violations or money laundering red flags.
The product automatically creates reports that make it easier for trade operations analysts to do their jobs, drastically reducing processing times and human error. The platform will be integrated into JPMorgan’s system to “massively improve efficiency” for the bank and ultimately become part of its commercial trade processing tool.
JPMorgan chose to work with Cleareye.ai after testing multiple technology providers, and head of trade Stuart Roberts told Finextra that Cleareye.ai stood out because its system was able to hit high efficiency ratios and learn and improve after mistakes.