Lloyds Bank is set to implement AI technology developed by Cleareye this month to automate the traditionally labor-intensive processes involved in trade finance documentation and compliance verification. This innovative technology leverages optical character recognition (OCR), machine learning, and natural language processing (NLP) algorithms to efficiently extract essential information from a variety of trade finance documents, including both digital and paper-based import and export letters of credit, documentary collections, undertakings, and trade loans.
Additionally, the system is designed to automate compliance checks and anti-money laundering protocols in accordance with the International Chamber of Commerce’s guidelines for Documentary Credits and Collections.
Rogier van Lammeren, head of trade and working capital products at Lloyds Bank Commercial Banking, stated, “We are consistently seeking ways to enhance our clients’ trading experience, making it simpler, faster, and more efficient. Our collaboration with Cleareye.ai allows us to achieve this goal.” He emphasized that their AI technology will help streamline vital components of trade finance processes that are crucial to their clients.
Recently, Lloyds Bank underscored its commitment to advancing its AI capabilities by appointing Rohit Dahwan from Amazon Web Services as their inaugural director of artificial intelligence and analytics.
As a prominent Tier 1 bank, Lloyds is following in the footsteps of JPMorgan, which has already successfully deployed Cleareye’s technology on a global scale since 2022 and made a strategic investment in the vendor last year.
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