- Lloyds Bank has partnered with Cleareye.ai, a California-based AI and machine learning company, to enhance trade finance documentation processing and compliance checks.
- The bank will implement ClearTrade technology from Cleareye.ai, marking a UK first in trade finance digitalization.
- ClearTrade uses optical character recognition (OCR), machine learning (ML), and natural language processing (NLP) to improve data extraction from trade documents, both digital and paper-based.
- The technology will also automate examinations of documents based on International Chamber of Commerce (ICC) Rules and conduct trade-based money laundering (TBML) checks.
- Lloyds had previously completed a fully digital documentary collection in February, using electronic Bills of Lading (eBLs) and digital Promissory Notes (dPNs), under the UK’s Electronic Trade Documents Act (ETDA).
- Cleareye.ai’s ClearTrade technology was also adopted by JP Morgan for its Trade and Working Capital Group in 2022.
