Lloyds Bank is set to implement artificial intelligence technology from Cleareye to streamline trade finance documentation processes, reducing the need for manual paperwork and compliance checks.
The AI system, which will be introduced this month, incorporates optical character recognition, machine learning, and natural language processing to extract key details from both digital and paper-based trade finance documents, according to Finextra.
These include letters of credit, collections, and trade loans, among others. It will also automate compliance checks and anti-money laundering measures in line with International Chamber of Commerce regulations.
Rogier van Lammeren, Lloyds Bank’s head of trade and working capital products, highlighted the importance of this partnership, “We’re continually looking for ways to help our clients trade simpler, faster and more efficiently and our partnership with Cleareye.ai enables us to deliver this. Using their AI technology, we will streamline critical parts of trade finance processes that we know are important to our clients.”
The move aligns with Lloyds’ broader strategy to enhance its AI capabilities, following the recent hiring of Rohit Dahwan from Amazon Web Services as its first director of artificial intelligence and analytics.
Lloyds joins other major banks, including JPMorgan, which adopted Cleareye’s technology globally in 2022 and later made a strategic investment in the company.
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