Lloyds Bank has launched a collaboration with artificial intelligence (AI) platform Cleareye.ai.
The partnership, announced Tuesday (Sept. 3) and said to be the first of its kind in the U.K., will use AI to streamline processing and compliance checking for trade finance documentation. The effort will use Cleareye.ai’s ClearTrade technology and is set to be implemented from this month, the companies said in a news release provided to PYMNTS.
“The advanced technology will use optical character recognition (OCR), machine learning, and natural language processing algorithms to extract critical information from trade documentation,” the release said. “This includes digital and paper-based import and export documentary letters of credit, documentary collections, undertakings and trade loans.”
In addition, the AI-powered tech will carry out automated examinations of documents — in keeping with the International Chamber of Commerce Rules for Documentary Credits and Collections — along with critical compliance checks, including trade-based money laundering (TBML) checks, the release said.
“We’re continually looking for ways to help our clients trade simpler, faster and more efficiently and our partnership with Cleareye.ai enables us to deliver this,” said Rogier van Lammeren, head of trade and working capital products at Lloyds Bank Commercial Banking.
“Using their AI technology, we will streamline critical parts of trade finance processes that we know are important to our clients.”
As PYMNTS wrote earlier this year, AI has emerged as a tool for companies looking to navigate an increasingly complicated regulatory landscape, offering solutions that improve efficiency, accuracy and effectiveness in compliance management.
“Traditional methods of compliance management often fall short due to their reliance on manual processes and retrospective analysis,” that report said.
“These approaches are not only time-consuming but also prone to human error and inefficiencies. This is where AI steps in, transforming compliance management from a reactive to a proactive discipline.”
Lloyds last month named Amazon Web Services veteran Rohit Dhawan to oversee its AI Center of Excellence and driving adoption of AI-powered products and services for the bank.
“Rohit’s appointment is a significant boost for the strategic development of AI technology and capabilities within Lloyds Banking Group, with his wealth of experience delivering technology and change, at pace and scale,” Ranil Boteju, the bank’s chief data and analytics officer, said in a news release.
“Rohit will work across the business to further integrate AI outcomes into business priorities, helping us to scale AI in a consistent way and deliver against our strategy.”
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