Deutsche Bank to automate trade document checking with Traydstream partnership
Deutsche Bank has partnered with trade finance software provider Traydstream to automate document checking for its trade finance products.
Traydstream says the partnership will boost the bank’s efforts to digitise and automate its documentary trade business, “enhancing controls, ensuring scalability for profitable growth and ultimately improving corporate clients’ experience in the letters of credit business”.
The two firms have been working together since July 2021 on the pilot of the automated trade document checking platform, with an intention to subsequently roll out the platform globally.
Claudia Hussy, trade finance product and process management at Deutsche Bank, says the partnership will “enhance” the bank’s trade finance offering and streamline the processes for its global documentary trade business.
Traydstream recently launched the 2.0 version of its platform, with features such as enhanced speed, improved accuracy in data extraction and classification models and integrated third-party providers for compliance checks.
Additional updates to the platform include augmented workability checks across all available documents, cloud-native architecture and a new user interface.