Standard Chartered launches Trade AI Engine, developed in partnership with IBM

Maria Nikolova

The solution aims to enhance the client experience in trade document processing through increased operational efficiency and strengthened operational control.

Standard Chartered today announces the official launch of the Trade AI Engine, a joint solution developed in partnership with IBM which aims to enhance the client experience in trade document processing through increased operational efficiency and strengthened operational control. 

At present, the solution is live in key markets across Asia, Africa and the Middle East, with more markets across the Bank’s footprint to follow.

The Trade AI Engine enables conversion of non-digital shipping documents into machine-readable format enabled by Optical Character Recognition (OCR). In addition, it identifies and classifies document types from an initial pre-defined database.

The functionalities of the new solution also include Continuous Machine learning (ML) based on user re-classification / re-defining of data elements to further improve accuracy, as well as Natural Language Processing (NLP) capabilities to read and capture context from data in the documents.

The innovative solution allows the Bank to handle high volumes of diverse back office tasks with greater efficiency and accuracy, thus offering a more seamless trade processing experience for clients.

Lisa Robins, Global Head, Transaction Banking at Standard Chartered said: “The Trade AI Engine significantly reduces the amount of time and effort in this review process while raising the bar on our controls environment, further enhancing our ability to play the connector role for our clients by facilitating transactions at pace with the growth of their businesses.”

Likhit Wagle, VP, Financial Services Sector, IBM Asia Pacific commented: “The Trade AI Engine enables multi-format document capture without templates and uses NLP to extract relevant information for review, as well as leveraging user interaction to improve text extraction accuracy and streamline the process with each cycle in real-time.”

The launch of the Trade AI Engine underlines Standard Chartered’s efforts to innovate and drive digital transformations. In 2018, Standard Chartered announced its partnership with Siemens Financial Services and TradeIX to carry out an industry-first client pilot to create an end-to-end blockchain-based smart guarantees proposition in trade finance. More recently, it also announced the launch of an expanded coverage of Straight2Bank Pay, a digital collections gateway for corporate clients, to additional markets in Asia, as well as the Straight2Bank Pay mobile app in Singapore.

Let’s also note the introduction of SC Ventures Fintech Bridge in March this year. The platform connects and matches partners from the fintech ecosystem to the bank’s internal community, where they can propose solutions to challenges posted by the bank’s business units or request investments. Investors can also use the portal to recommend start-ups to the bank for future collaborations.

Read this next

Technology

Spotware Systems unveils version 4.4 of Desktop and Web terminals

Spotware Systems, a technology provider for the electronic trading industry, has launched updated versions of its cTrader Desktop and Web terminals, which add new functionality to join a roster of advanced trading capabilities.

Institutional FX

Integral reports best monthly FX volume in 6 months

Currency trading on Integral’s platforms rose in September to its highest levels since March 2022 as increased volatility across financial markets led to greater activity on institutional FX venues.

Retail FX

OctaFX pre-launches new trading platform as MT4 and MT5 remain suspended by Apple

Like many other brokers within the FX and CFD industry, OctaFX had all its eggs in one basket, MetaQuotes, only offering access to MetaTrader 4 and MetaTrader 5. OctaTrader will provide the much needed change.

Opinion

Is the Bank of England facing another storm? Op-Ed by Stuart Cole, macro economist at Equiti Capital

An analysis and opinion editorial by Stuart Cole, macro economist at Equiti Capital, 3 October 2022 on what triggered the UK gilt market sell-off and is the Bank of England facing another storm?

Industry News

Kim Kardashian fined $1 million for touting EMAX tokens on social media

“Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.”

Retail FX

INFINOX launches IX Exchange platform with +20,000 markets in UK

“The launch of IX Exchange is a statement of intent for our growth strategy and a game-changer for our clients’ trading potential.”

Retail FX

Saxo issues gloomy report for Q4 2022 and beyond

Globalisation was the biggest driver behind low inflation over the past 30 years and instrumental for emerging markets and their equity markets. Globalisation in reverse will cause turmoil for trade surplus countries, put upward pressure on inflation and threaten the USD as the reserve currency.

Executive Moves

ICE appoints Caterina Caramaschi to oversee interest rates and equity derivatives

“As the head of a product set covering some of the biggest interest rate and equity derivative benchmarks, at a time when investor’s priorities are firmly focused on interest rate changes and the outlook for global economies, Caterina’s two decades of financial market experience, and the relationships cultivated during that, will be invaluable in developing these products to the benefit of our customers.”

Retail FX

Plus500 sponsors Chicago Bulls ahead of trading platform launch in United States

Plus500 has signed a major multi-year sponsorship deal to become an official global partner of iconic NBA team Chicago Bulls. 

<