Banking News

Augmented intelligence set to shake up Trade Finance - Fineon

Augmented intelligence set to shake up Trade Finance - Fineon

(10 October 2019 – Europe) Exporters and importers are implementing Big Data analytics to improve their trade finance decision making process, but how are they doing this with Augmented Intelligence and what does the concept entail?

Augmented Intelligence is a new analytical model powered by data intelligence that combines Machine Learning (ML), Natural Language Processing (NLP), Data Preparation, Advanced Analytics, and Visualization capabilities to enhance data analytics, data sharing, and business intelligence. It is identified as an alternative view of artificial intelligence (AI) and mainly designed to enhance human intelligence rather than replace it.

Fineon Exchange is a global marketplace platform that connects exporters, funders and Insurers to trade their export receivable trade finance assets. The group’s tailored working capital placement model allows for optimised funding and credit insurance cover for export receivables from developed and emerging markets, successfully digitising trade finance.

Powered by AI, Fineon’s secure and application programming interface (API) driven platform enables counterparties to transact more efficiently. Fineon Exchange provides exporters with a reliable and strategic platform for cash flow optimisation and risk mitigation through the application of trade credit insurance, while offering funders a quality asset origination channel that provides in-depth market intelligence capabilities.

Whilst the platform’s main role is matchmaking exporters & funders, it‘s Augmented Intelligence capabilities can play a more strategic role by providing all stakeholders with the ability to enrich data sets for know your customer (KYC) compliance needs, enhanced due diligence, transactional data, alternative data, and diverse scoring models to perform advanced analytics.

As an example, Fineon Exchange​​ allows an exporter to import its trading history from an ERP system and combine that data with analytics around funders’ and insurers’ data. Using NLP, this gives exporters the ability to generate charts and reports that enable them to predict many different important markets and business-related complications, potentially boosting revenues and mitigating export risks.

The platform also provides granular visibility into the underlying risk so users can easily identify the obligors’ risk, predict pricing, find best trade finance options and optimise financing. At the same time, funders on the platform can analyse trends, drill down through historical data and explore valuable market insights.

“When it comes to digitising trade finance, Fineon believes that Augmented Intelligence will successfully incorporate transactional data, competitors data, partners and markets data to identify catalysts that provide additional optimisation capabilities and opportunities to provide relevant added value services to existing clients, and fresh approaches to prospective new clients” Fineon quoted in a statement.

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