Standard Chartered Bank to introduce Traydstream’s digital trade document matching services to clients

Standard Chartered Bank and Traydstream today announce the sealing of a strategic agreement to introduce Traydstream’s digital trade document matching services to the bank’s clients.

The data matching process that companies currently have to conduct across various underlying trade documents is manual and time-consuming. This often leads delay of the trade financing cycle and impacts these companies’ ability to meet their working capital needs. With this agreement, Standard Chartered will be able to refer its clients to Traydstream based on their requirements, and enable them to benefit from automated matching services by tapping on Traydstream’s digitised matching rules and processes.

Traydstream will collaborate with Standard Chartered to offer document matching services to its clients in key trade export markets globally, starting with Singapore.

Samuel Mathew, Global Head of Documentary Trade Product Management, Standard Chartered said: Our goal is to help our export clients expedite their receivables and export proceeds, and as a result improve their working capital cycles. This strategic agreement further builds on the Bank’s export capabilities by allowing our clients to reduce discrepancies in their trade documents with Traydstream’s data and artificial-intelligence based matching tools.”

Traydstream has been rapidly growing its trade document scrutiny and compliance platform, including working with Standard Chartered. Traydstream focuses on the automation of document discrepancy-checks, due-diligence, and regulatory and compliance screening, as well as the initial stages of converting data to digital format – a process achieved by their proprietary Optical Character Recognition (OCR) technology.