Lloyds Bank will use Cleareye’s AI technology to eliminate manual tedious paper processing and compliance checks for trade finance documentation.
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The technology, due to be deployed later this month, will use optical character recognition machine learning and natural language processing algorithms to extract key information from a range of trade finance documents, including digital and paper-based import and export documentary letters of credit, documentary collections , business and trade credit.
The system will also automate compliance and anti-money laundering checks in accordance with the International Chamber of Commerce Rules for Documentary Credits and Debt Collection.
“We are constantly looking for ways to help our customers make trading easier, faster and more efficient, and our partnership with Cleareye.ai allows us to achieve this,” says Rogier van Lammeren, Head of Trading and working capital products at Lloyds Bank Commercial Banking. “Using their AI technology, we will streamline critical parts of the trade finance processes that we know are important to our customers.”
Lloyds Bank last month signaled its intention to advance the strategic development of AI technology and capabilities by hiring Rohit Dahwan from Amazon Web Services as its first director of artificial intelligence and analytics.
The British lender is the latest Tier 1 bank to implement Cleareye’s technology, following in the footsteps of JPMorgan, which rolled out the technology globally in 2022. A strategic investment in the provider followed last year.