Citi has joined forces with trade documentation solutions provider Traydstream to offer access to an automated trade-document processing capability to its clients.
The collaboration is aimed at streamlining document services for faster and more effective client solutions.
It will provide customers with an opportunity to utilise a broad range of pre-loaded document types and a rules engine that automates the processing steps. This will help clients to make a significant increase in scalability, reduce manual process risk as well as costs.
Based in the UK, Traydstream offers cloud-based automated document checking solutions to expedite the otherwise time-consuming trade procedures like letters of credit and collections.
The firm’s modular technology is said to extract data intelligently by using artificial intelligence (AI) and optical character recognition.
Traydstream CEO Sameer Sehgal said: “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.”
Citi and Traydstream will optimise the review and examination of documentation in line with documentary credit terms. It will assist clients in eliminating risks, lowering operational load, and eventually cost.
Citi global trade data, partnerships and innovation head Valeria Sica said: “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.”
Last month, Citi was ordered to pay $25.9m in fines and consumer redress by the US Consumer Financial Protection Bureau (CFPB) for deliberately and unlawfully discriminating against credit card applicants which the bank recognised as Armenian American.
