Lloyds and Cleareye.ai forge AI-centric trade finance alliance

Lloyds Bank has partnered with Cleareye.ai, an artificial intelligence platform, to streamline the processing and compliance checking of trade finance documentation by utilising advanced AI technologies such as optical character recognition (OCR), machine learning, and natural language processing (NLP).

The core of this partnership lies in the implementation of Cleareye.ai’s ClearTrade technology. This sophisticated AI-powered system will automate the extraction and analysis of critical information from various trade documents, including both digital and paper-based formats. The technology will manage import and export documentary letters of credit, documentary collections, undertakings, and trade loans.

By employing OCR, machine learning, and NLP, ClearTrade will streamline the examination of documents in accordance with the International Chamber of Commerce Rules for Documentary Credits and Collections. Additionally, it will conduct essential compliance checks, including those for trade-based money laundering (TBML). This automation is expected to significantly reduce the time and effort required for manual processing, thereby increasing efficiency and reducing the risk of human error.

Rogier van Lammeren, head of trade and working capital products at Lloyds Bank Commercial Banking, emphasised the strategic importance of this partnership.

“We’re continually looking for ways to help our clients trade more simply, quickly, and efficiently, and our partnership with Cleareye.ai enables us to deliver this,” he stated. “Using their AI technology, we will streamline critical parts of trade finance processes that we know are important to our clients.”

This collaboration is part of Lloyds Bank’s broader strategy to enhance digital trade solutions. Earlier this year, Lloyds Bank reached a significant milestone by completing the UK’s first entirely digital documentary collection, reducing the transaction time from 15 days to just 24 hours.

The partnership with Cleareye.ai is expected to build on these achievements, further solidifying Lloyds Bank’s position as a leader in digital trade finance.

Mariya George, CEO and Co-founder of Cleareye.ai, added: “Lloyds Bank is a global trailblazer in digital trade – something that, in part, has been achieved through its ability and appetite to forge strategic partnerships. We’re proud to be working together to apply our technology to its trade finance and compliance processes, and we look forward to seeing the benefits for the bank’s clients and its colleagues who serve them.”

The partnership with Cleareye.ai is not just a technological upgrade but a strategic move to navigate the increasingly complex regulatory landscape. Traditional methods of compliance management, which rely heavily on manual processes, are often time-consuming and prone to errors. AI offers a proactive approach, transforming compliance management into a more efficient and effective discipline.

Lloyds Bank’s recent appointment of Rohit Dhawan, a veteran from Amazon Web Services, to oversee its AI Centre of Excellence underscores the bank’s commitment to integrating AI into its core operations.

“Rohit’s appointment is a significant boost for the strategic development of AI technology and capabilities within Lloyds Banking Group,” said Ranil Boteju, the bank’s chief data and analytics officer.

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