Standard Chartered partners with IBM to launch Trade AI Engine
Standard Chartered and IBM aim to transform the largely paper-based Trade Documentary System with the launch of a pioneering augmented intelligence (AI) engine, reports Jane Connolly.
By significantly automating the time-consuming and high-risk traditional process, the Trade AI Engine will reduce manual back office tasks to improve operational efficiency and control.
Trade AI Engine can convert non-digital shipping documents into machine-readable format using Optical Character Recognition (OCR) and identify different types of document from a pre-defined database.
The engine also utilises Natural Language Processing (NLP) to read and capture context, while continuous machine learning will enable the system to further improve accuracy.
Standard Chartered processes more than 36 million pages of trade documents every year, capturing 200 million data elements.
Lisa Robins, global head, transaction banking at Standard Chartered, says: “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.”
Trade AI Engine is currently live in key markets across Asia, Africa, the Middle East and the UK. Additional markets – including Japan, Hong Kong, Singapore, China and the US – will follow.
