Cleareye.ai, a US-based advanced artificial intelligence (AI) and machine learning platform, announced that it has secured strategic investment from J.P. Morgan.
Headquartered in California, Cleareye.ai offers a digital trade finance solution dubbed ClearTrade for the digital automation of trade compliance and operations.
The platform, which is designed to revolutionise trade finance, delivers smart interpretation of data and documents in trade to identify trade-based money laundering (TBML) and sanction red-flags.
ClearTrade is driven by an advanced document digitisation engine. It has the ability to extract, validate, and precisely classify unstructured data, while automating expert labour-intensive manual checking processes.
Cleareye.ai aims to simplify banking as well as transform banks into hyper agile organisations.
Cleareye CEO Mariya George said: “We are thrilled to increase our work with J.P. Morgan, leveraging their investment to reinvest in our technological innovation, bringing expert solutions powered by Artificial Intelligence to the forefront of banks’ digital strategies.
“We continue to reinforce our commitment to the industry by rolling out global solutions which enhance our clients’ operational efficiency.”
Apart from the funding, Cleareye.ai is collaborating with J.P. Morgan’s Trade and Working Capital to constantly improve its offering.
J.P. Morgan Trade and Working Capital global head James Fraser said: “Future proofing trade operations has been at the forefront of J.P. Morgan’s digital strategy in Trade & Working Capital.
“A manually intensive industry loaded with paper and lacking standardization, burdened by an increasing cost base, needs real innovation in order to transform. We are delighted to invest in Cleareye.ai as they deliver this innovation through meaningful solutions for us and our global financial institutions clients.”
In April 2023, Cleareye.ai announced that J.P.Morgan Trade and Working Capital has been able to expedite its journey to future proof its trade finance operations with the deployment of ClearTrade platform.
The ClearTrade Compliance module went live in January 2023 as part of the collaboration between Cleareye.ai and J.P. Morgan.
