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JPMorgan Partners for Trade Finance Digitisation

JPMorgan Partners for Trade Finance Digitisation

(21 September 2022 – United States) JPMorgan has partnered California-based artificial intelligence (AI) and machine learning (ML) platform to digitise and streamline and document heavy and cumbersome trade finance transactions.

The new “global strategic alliance” will see Cleareye collaborate with JPMorgan’s Trade and Working Capital Group, leveraging ClearTrade to simplify the due diligence processing associated with trade finance transactions and related physical documents. The platform interprets data and documents, automate letter of credit (LC) examination, conduct anti-money laundering (AML) scanning, raise sanction red flags and apply rules to supplement existing international regulatory frameworks.


ClearTrade integrates with any existing trade finance back-office platform and Cleareye claims it can increase trade finance operations productivity by up to 70 percent, boost trade velocity up to nine times and significantly reduce document checking errors, an area of significant dissatisfaction according to East & Partners Trade Finance research.


JPMorgan receives almost four million individual documents that, while digitised, still require human intervention. ClearTrade provides the ability to cut the three hours it takes their trade finance team to review those documents down to ten minutes.


“Banks have grappled to solve the puzzle of paper and manual data entry in this business for many years. The ClearTrade platform also helps us to accelerate and future-proof our clients’ business while reinvesting savings into enhancing controls and risk management. ClearTrade should be the first solution where you see an absolutely seamless solution end to end from OCR all the way through to doc exam, to compliance check, vessel checking, military use policies, and then ultimately, a state of the art trade platform for all of our clients” commented JPMorgan Global Head of Trade and Working Capital, Stuart Roberts.


“This process opens up a whole suite of new features, such as identifying trends in fraud, trade-based money laundering, workflow examination, and collectively building a compliance module. I think the technology aspect of trade services will go through platform realisation around one or two industry wide standards. That will then create the economies of scale and allow for banks to join on an OpEx basis rather than a CapEx basis” Roberts added.


“The rollout of ClearTrade reinforces the strategic alliance between our firms and the vision to digitise trade operations for banks across the globe” stated Cleareye CEO and Co-Founder, Mariya George.

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