Cleareye.ai said that J.P.Morgan Trade and Working Capital (J.P. Morgan) has been able to expedite its journey to future proof its trade finance operations with the deployment of the former’s ClearTrade platform.
Furthermore, J.P. Morgan intends to further uplift and roll out the trade finance software platform globally, said Cleareye.ai.
JPMorgan Payments trade global head James Fraser said: “As our industry continues to change moving beyond the COVID pandemic, we have even more reason to focus on the digitisation of trade.
“Cleareye’s ClearTrade platform offers customisation to streamline the manual and paper-heavy processes associated with due diligence. The strategic alliance between both J.P. Morgan and Cleareye will allow Cleareye to bring automated straight through processing to banks across the globe.”
The ClearTrade Compliance module went live in January 2023 as part of the collaboration between Cleareye.ai and J.P. Morgan.
According to Cleareye.ai, the module is designed to automate the detection of the high-risk features of transactions. It also, in an automated way, assists users in the evaluation of red flags and their management.
The module is pre-integrated with other external data sources for container and vessel tracking, bill of lading validation, and the recognition of military and dual-use goods. This decreases risk for banks as well as improves effectiveness and efficiency of the organisation which allows banks to raise global markets to better standards without the associated rise in costs.
ClearTrade is designed to future proof the trade operations and technology of banks with its three-module offering of Digitisation, Compliance, and Auto Doc Exam.
The platform is claimed to facilitate quicker and more precise handling of documents. Its image processing and data extraction gives greater accuracy and security, claimed Cleareye.ai. This removes the need for manual processes, and permits data transfer into the back-office system of banks, thereby increasing the efficiency of operations and the processing time of transactions.
Cleareye CEO Mariya George said: “With our strategic alliance with J.P. Morgan, Cleareye is focused on revolutionising the fintech and regtech markets.
“ClearTrade not only helps streamline trade transactions, but also brings together data from global sources to enable banks make confident decisions for safe, efficient and lawful movement of trade, reducing Trade Based Money Laundering risk while meeting the changing regulatory needs.”
