Bolero International partners with Traydstream to automate scrutiny and compliance checking of trade documents
- Artificial Intelligence , Trade Finance
- 17.09.2019 12:36 pm
Bolero International is partnering with Traydstream, the leader in Trade document scrutiny using artificial intelligence (AI), to provide a powerful automatic document checking service for both its corporate and bank customers saving them time and resources as well as mitigating trade finance risks.
Users of the Bolero digitisation platform will have the option to select Traydstream’s powerful data analytics and integrated AI tools to validate transaction documentation against the underlying trade transaction as well as a vast, evolving library of ICC trade rules. Exporters will be able to pre-check their documents prior to submission to their banks, substantially reducing the likelihood of rejection and fee-incurring delays. In the same manner banks will be able to run automatic discrepancy checks on the millions of trade documents they process making substantial savings in both time and money.
Shishir Vyas, Head of Partner Solutions at Traydstream, said: “Entering into partnership with Bolero is an exciting move for us, as we share a belief in the transformational capacity of digitisation. We have been growing rapidly, working with major banks and corporates and look forward to extending our highly advanced, and scalable technology to deliver cost and efficiency gains to Bolero customers.”
Traydstream’s modular technology extracts data intelligently, using AI and optical character recognition. It slashes the time to complete checks on the dozens of documents generated by a single shipment, using a machine learning-based engine to check against the underlying trade transaction with over a quarter million rules permutations. This is a huge advantage for all exporters and banks when trade operations expertise is in short supply and billions of trade documents are in circulation at any time. Mistakes or delays can be very costly.
Anchal Tiwari, VP Product Management and Strategy at Bolero, said: “This landmark partnership with Traydstream is another significant development for Bolero and is in line with Bolero’s strategic ambition to enable third parties to provide value added services to the global Bolero client base. No other platform has this level of functionality. Integrating Traydstream’s document checking service will be a great advantage for all our corporate and bank customers helping them to save time and mitigate risk exposure while reducing costs. It’s a great set of tools to offer.”