Lloyds Bank taps Cleareye.ai to streamline trade finance documentation processing
Lloyds Bank has partnered with Cleareye.ai, an artificial intelligence (AI) and machine learning (ML) company based in California, to streamline the processing and compliance checking of trade finance documentation for its clients.
Lloyds Bank partners Cleareye.ai
The bank will implement its partner’s ClearTrade technology from this month in a move touted as a UK first.
The implementation will see Lloyds embrace optical character recognition (OCR), ML and natural language processing algorithms to enhance how it extracts data from trade documentation.
This includes digital and paper-based import and export documentary letters of credit, documentary collections, undertakings and trade loans.
Lloyds says the technology will also “conduct automated examinations of documents – in line with the International Chamber of Commerce Rules for Documentary Credits and Collections – as well as critical compliance checks, including trade-based money laundering (TBML) checks”.
The bank previously completed an entirely digital documentary collection in February this year using both electronic Bills of Lading (eBLs) and digital Promissory Notes (dPNs), after becoming the first bank to transact under the UK’s Electronic Trade Documents Act (ETDA) in 2023.
Cleareye’s ClearTrade technology was previously adopted by JP Morgan for its Trade and Working Capital Group in 2022.
