Bank / Credit Union
JP Morgan partners with Cleareye.ai to power trade finance
September 26, 2022
JP Morgan has partnered with Cleareye.ai, an AI and machine learning intelligent platform provider, to drive trade finance innovation.
JP Morgan integrated Cleareye's AI platform into its Trade Processing System and now supports transactions in the Asia-Pacific region, with more regions to be added in the future, according to a press release.
The Cleareye platform can interpret data and documents to automate letter of credit document examination. Other features include:
- Rules engine to supplement uniform customs and practice for documentary credits and international standard banking practice rules.
- Can identify money laundering.
- Can integrate with trade finance back-office programs.
"Digitizing trade finance documentation has the ability to provide real benefits to JP Morgan and our clients," Stuart Roberts, global head of trade and working capital, JP Morgan, said in the release. "Banks have grappled to solve the puzzle of paper and manual data entry in this business for many years and our alliance with Cleareye is taking meaningful steps towards solving the problem. The ClearTrade platform also helps us to accelerate and future-proof our clients' business while reinvesting savings into enhancing controls and risk management."
