(4 September 2024 – United Kingdom) Lloyds Bank is set to deploy AI technology from Cleareye this month, aiming to eliminate the manual work involved in processing and ensuring compliance for trade finance documentation.
The technology will leverage optical character recognition, machine learning, and natural language processing algorithms to extract key information from various trade finance documents, including both digital and paper-based import and export letters of credit, documentary collections, undertakings, and trade loans.
Additionally, the system will automate compliance and anti-money laundering checks in accordance with International Chamber of Commerce Rules for Documentary Credits and Collections.
“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,” says Rogier van Lammeren, head of trade and working capital products at Lloyds Bank Commercial Banking. “Using their AI technology, we will streamline critical parts of trade finance processes that we know are important to our clients.”
Last month, Lloyds Bank reinforced its commitment to advancing AI technology and capabilities by hiring Rohit Dahwan from Amazon Web Services as its first director of artificial intelligence and analytics.
As one of the latest Tier 1 banks to adopt Cleareye’s technology, Lloyds Bank follows the lead of JPMorgan, which launched the technology globally in 2022 and subsequently made a strategic investment in the vendor.