Citi taps Traydstream to streamline trade documentation for its clients

Rick Steves

Traydstream specializes in intelligent data extraction using AI and optical character recognition. Its technology significantly reduces the time needed for document checks in trade transactions, leveraging a machine-learning engine with an extensive rule database.

Citi has announced a partnership with Traydstream, a frontrunner in trade documentation solutions, to provide its clients with advanced and automated document processing capabilities.

The team-up aims to transform the scalability of trade documentation processing, reducing risks and costs associated with manual procedures.

Streamlining the review and examination of trade documents

Recognizing the complexities of cross-border trade, Citi is dedicated to offering innovative solutions through strategic collaborations. Traydstream’s cloud-based, automated document-checking solutions are designed to expedite trade processes like letters of credit and collections, traditionally time-consuming and labor-intensive.

In the current global economic landscape, where international trade plays a pivotal role, the efficient management of documentation is crucial.

Citi and Traydstream’s joint efforts will focus on streamlining the review and examination of trade documents, aligning them with documentary credit terms. This collaboration is expected to mitigate risks, lessen operational burdens, and ultimately reduce costs.

“Citi’s collaboration with Traydstream underscores our commitment to providing clients with the most advanced tools and technologies to facilitate trade. The reliance on paper in the Trade industry needs to reduce and we see the next few years to be transformative for the business as we make our industry more environmentally friendly,” said Valeria Sica, Global Trade Data, Partnerships and Innovation Head at Citi.

Sameer Sehgal, CEO at Traydstream said, “We are excited to work with Citi. The Traydstream platform combines cutting edge machine learning capabilities with a distinct rule engine, that constantly learns and evolves, as well as an innovative trade compliance checking solution set. The platform is cloud-based, and deploys security features, while being both vertically and horizontally scalable.”

Traydstream specializes in intelligent data extraction using AI and optical character recognition. Its technology significantly reduces the time needed for document checks in trade transactions, leveraging a machine-learning engine with an extensive rule database.

The trade documentation platform will be leveraged by clients of Citi, a leading banking partner for cross-border needs, a global wealth management leader, operating in over 160 countries and jurisdictions.

  • Read this next

    Retail FX

    Lark Funding reopens to US traders, MyFundedFX picks cTrader

    Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

    Institutional FX

    Cboe FX volume falls to lowest level since summer

    Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

    Retail FX

    ThinkMarkets secures lucrative DFSA license in Dubai

    Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

    Digital Assets

    New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

    Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

    Digital Assets

    Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

    Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

    Digital Assets

    Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

    Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

    Institutional FX

    Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

    Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

    Industry News

    Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

    In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.

    Fundamental Analysis

    Global FX Market Summary: EUR, USD March 1st, 2024

    The ISM’s February Manufacturing PMI is expected to show a slight increase, but remain below the expansionary threshold, while inflationary pressures persist and a Fed rate cut in June is still possible.

    <