Standard Chartered pioneers trade A1 engine in partnership with IBM

Singapore(Cliff News) Standard Chartered has officially launched the Trade AI Engine, a joint solution developed in partnership with IBM to enhance the client experience in trade document processing through increased operational efficiency and strengthened operational control. The industry-leading solution is currently live in key markets across Asia, Africa and the Middle East[1], with more markets across the Bank’s footprint to follow[2].Traditional documentary trade requires millions of data elements in paper-based, unstructured documents – often issued by various companies – to be reviewed through a largely manual process. With the implementation of the Trade AI Engine powered by IBM, this time-consuming and high-risk process is now significantly automated:

  • Conversion of non-digital shipping documents into machine-readable format enabled by Optical Character Recognition (OCR)

  • Identification and classification of document types from an initial pre-defined database

  • Continuous Machine learning (ML) based on user re-classification / re-defining of data elements to further improve accuracy

  • 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.“As a market leader and major intermediary between buyers and sellers in the centre of global trade, we process more than 36 million pages of trade documents annually, with over 200 million data elements for name capture and processing,” said Lisa Robins, Global Head, Transaction Banking at Standard Chartered. “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.”“Trade document processing traditionally relies on a high degree of manual effort to ensure transaction compliance. IBM worked with Standard Chartered Bank to develop a solution that would automate the retrieval of key information from text within scanned documents. 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,” said Likhit Wagle, VP, Financial Services Sector, IBM Asia Pacific. Standard Chartered continues to innovate and drive digital transformations to deliver a differentiated and unparalleled service that aligns to the needs of its clients. The Bank was recognised as one of “The Innovators 2017 – Trade Finance” for the Intelligent OCR process innovation by Global Finance. In 2018, Standard Chartered announced its collaboration 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. Most 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.

Standard Chartered

We are a leading international banking group, with more than 80,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East. Our heritage and values are expressed in our brand promise, Here for good.Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

Standard Chartered Pakistan

Standard Chartered Bank (Pakistan) Ltd. is the oldest and largest international bank in Pakistan. It is also the first international bank to be awarded Islamic banking licence and the first to open an Islamic banking branch.The Banks serves both Corporate Institutional and Retail Clients. Provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and, trade finance, transactional banking, lending, securities services, foreign exchange, debt capital markets and corporate finance to Corporate Institutional Clients. It also offers a complete suite of Islamic banking solutions under its Standard Chartered Saadiq brand.Standard Chartered was assigned a rating of AAA/ A1+ by PACRA. In 2012 and 2013 it won the award for Best Bank in Pakistan by The Asset Triple A for two consecutive years.The Bank employs more than 3,400 people in Pakistan and has a network of 77 branches in 11 cities.

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