September 21, 2022 – Cleareye.ai announces a new global strategic alliance with JP Morgan’s Trade and Working Capital group. The alliance leverages a cutting-edge digital solution, ClearTrade, to solve the challenges facing trade finance operations today and tomorrow. Through significant technological advancements, the ClearTrade platform streamlines the onerous due diligence processing associated with trade finance transactions and the myriad of physical documents still prevalent in the industry today.
Trade Finance is an industry in full digital transformation. The ClearTrade solution offers a game-changing change for banks to ensure they can continue to operate in this changing landscape plagued by a significantly rising cost base.
Over the past year, ClearTrade has been integrated with JP Morgan’s transaction processing system and now supports transactions in the APAC region, with a global rollout expected in the coming quarters. Through this initiative, JP Morgan will be able to further exploit document scanning using powerful image processing solutions with the ability to accurately extract, validate and classify unstructured data. This level of digitization allows:
- Intelligent interpretation of data and documents to automate letters of credit review
- Contextual and configurable rules engine to complement existing Uniform Rules and Practice for Documentary Credits and Rules of Standard International Banking Practices
- Identifying Trade-Based Money Laundering and Sanctions Red Flags
- Seamless integration into all existing Trade Finance back-office platforms
Cleareye firmly believes that the ClearTrade solution has the ability to increase the productivity of trade finance operations by up to 70%. Through automated review of thousands of business presentations, including common and non-industry standard document types, the solution has demonstrated up to 9x increase in trade speed, significant reduction in document verification, accuracy standards above 85% and up to 80% reduction in E2E processing time.
Stuart Roberts, Global Head of Trade and Working Capital for JP Morgan, said: “Digitizing trade finance documentation can bring real benefits to JP Morgan and our clients. Banks have been struggling to solve the headache of paper and manual data entry in this industry for many years and our alliance with Cleareye is taking significant steps to solve the problem. The ClearTrade platform also helps us accelerate and future-proof our clients’ business while reinvesting savings into improved controls and risk management.
Mariya George, CEO and co-founder of Cleareye, said, “JP Morgan maintains a benchmark for digital innovation while ensuring regulatory needs are met, and we are very excited about the implementation and commissioning of ClearTrade. It also reinforces the strategic alliance between our companies and the vision to digitize the business operations of banks around the world.
About Cleareye.ai Cleareye.ai is an advanced artificial intelligence and machine learning platform that enables banks to launch products at a rapid pace. Based in California with offices in New York, Bahrain and India, the company aims to simplify banking. The platform leverages technological advancements with a fully automated document processing layer, unified ML lifecycle management, data management, model governance, and a dynamic rules engine leveraging NLP. It will transform banks into hyper-agile organizations that customers want to do business with and deliver exceptional customer service, drive short-term wins and long-term growth, and generate insights to sustain momentum at digital scale. . Cleareye.ai was founded by global technology leaders, representing decades of entrepreneurial experience and digital systems in banking. For more information visit www.cleareye.ai
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