Kofax Rolls Out Trade Finance Solution To Automate Workflows

To speed up start-to-finish trade finance process automation, Kofax has rolled out its new Trade Finance Solution with a “low-code” and modifiable structure. The technology automates the handling of hard copy and electronic trade transaction paperwork, which enables banks and other financial institutions (FIs) to cut processing times, bolster compliance and increase productivity, according to a press release.

Kofax said the new solution sizably increases time-to-value by offering dashboards with a view into procedures from start to finish, Swift MT700 validation settings that are set ahead of time and trade documents that have been already trained.

The company has created tailored trade finance solutions for three of the biggest banks around the globe as well as trade finance providers. It claims that more productive and streamlined procedures have cut expenditures.

Kofax Chief Strategy Officer Chris Huff said in the announcement, “Banks and other entities handling global trade finance each use varying processes to protect buyers and sellers and ensure trades are compliant. Kofax’s modular framework allows these entities to decide what their needs are, and easily create custom processes and workflows.”

Kofax said that trade finance is a lengthy procedure that focuses heavily on paperwork. Settling a single letter of credit can often entail handling and judging over 50 forms from a number of entities. Discrepancies can take days to solve.

Manual processing takes time and money and inhabits capacity and growth. It also makes companies more susceptible to failing to follow proper procedures, which can lead to sizable fines, per the release.

In other trade finance automation news, Traydstream teamed with Infosys Finacle in May to incorporate blockchain technology and artificial intelligence (AI) to check documents and data. The tie-up lets Finacle TradeConnect link up with Traydstream’s platform, which harnesses AI to scan documents and reduce the time required to evaluate trade regulations or rules. Finacle TradeConnect can be utilized with letters of credit and purchase order financing, among other use cases.