Lloyds Bank has announced a strategic partnership with Cleareye.ai, a California-based artificial intelligence (AI) and machine learning (ML) company, to enhance the efficiency of trade finance documentation processing and compliance checks for its clients.
Starting this month, Lloyds will implement Cleareye.ai’s ClearTrade technology, marking a first-of-its-kind move in the UK. The technology leverages advanced tools such as optical character recognition (OCR), machine learning, and natural language processing to automate data extraction from both digital and paper-based trade documents. This includes import and export letters of credit, documentary collections, undertakings, and trade loans.
The bank highlights that the solution will also automate the examination of documents in accordance with International Chamber of Commerce (ICC) Rules for Documentary Credits and Collections. Additionally, it will perform critical compliance checks, including trade-based money laundering (TBML) monitoring.
This partnership builds on Lloyds’ pioneering efforts in digital trade finance, following its successful completion of a fully digital documentary collection earlier this year using electronic Bills of Lading (eBLs) and digital Promissory Notes (dPNs) under the UK’s Electronic Trade Documents Act (ETDA) of 2023.
This initiative underscores Lloyds Bank’s commitment to embracing cutting-edge technology to improve client services and streamline trade finance operations.
