Citi taps Traydstream to streamline trade documentation for its clients
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.
