JP Morgan partners AI/ML platform Cleareye to digitise trade finance operations
JP Morgan has partnered with California-based artificial intelligence (AI) and machine learning (ML) platform Cleareye.ai to streamline and digitise trade finance transactions.
The new “global strategic alliance” will see Cleareye work with JP Morgan’s Trade and Working Capital Group, leveraging the former’s digital solution ClearTrade to simplify the due diligence processing associated with trade finance transactions and related physical documents.
Over the past year, ClearTrade has been integrated into JP Morgan’s trade processing system and is now live supporting transactions in the APAC region, with a global rollout planned over the coming quarters.
The solution can interpret data and documents, automate the letter of credit examination, identify money laundering and sanctions red flags, and apply rules to supplement existing international regulatory frameworks.
ClearTrade also integrates with any existing trade finance back-office platform and Cleareye claims it can increase trade finance operations productivity by up to 70%, boost trade velocity up to 9x, and significantly reduce document checking errors.
Stuart Roberts, global head of trade and working capital for JP Morgan, says banks have “grappled to solve the puzzle of paper and manual data entry in this business for many years”.
“The ClearTrade platform also helps us to accelerate and future-proof our clients’ business while reinvesting savings into enhancing controls and risk management.”
Cleareye CEO and co-founder Mariya George adds the rollout of ClearTrade “reinforces the strategic alliance between our firms and the vision to digitise trade operations for banks across the globe”.