The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Cleareye.ai, an advanced artificial intelligence and machine learning platform, announced on 21 September 2022 its strategic alliance with J.P. Morgan’s Trade and Working Capital group to leverage its digital solution, ClearTrade, to address current and future challenges facing trade finance operations. As described by Cleareye.ai, “the ClearTrade platform streamlines the onerous due diligence processing associated with Trade Finance transactions and the multitude of physical documents that are still prevalent in the industry today.”
According to Cleareye.ai, ClearTrade has already been integrated into J.P. Morgan’s trade processing system and is supporting transactions in the APAC region with further rollout planned in the months ahead. Through ClearTrade, J.P. Morgan will be able to digitize documents using image processing solutions with the ability to extract, validate, and accurately classify unstructured data. As described, ClearTrade’s advantages include allowing for: “Smart interpretation” of data and documents to automate LC document examination; Contextual and configurable rules engine to supplement existing UCP and ISBP rules and standards; and Identification of TBML and sanctions red flags.
Cleareye.ai contends that its ClearTrade solution has demonstrated up to 9x increase in trade velocity, a significant reduction in document checking errors, more than 85% accuracy standards, and up to an 80% reduction in end-to-end processing time.
“Banks have grappled to solve the puzzle of paper and manual data entry in this business for many years and our alliance with Cleareye is taking meaningful steps towards solving the problem”, said Stuart Roberts, Global Head of Trade & Working Capital for J.P. Morgan, as quoted in the Cleareye.ai article.
