Artificial intelligence and machine learning platform Cleareye.ai is forming a global partnership with J.P. Morgan’s Trade and Working Capital group to solve the challenges that trade finance operations currently face today as well as into the future.
The alliance taps the digital solution ClearTrade, which is integrated into J.P. Morgan’s Trade Processing System and is now live supporting transactions in the APAC region, according to a Wednesday (Sept. 21) press release. The ClearTrade integration is expected to launch globally over the upcoming quarters.
As the trade finance industry continues to go through a digital transformation, the ClearTrade platform streamlines the due diligence processing and the many physical documents that are still prevalent.
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“Digitizing trade finance documentation has the ability to provide real benefits to J.P. Morgan and our clients. Banks have grappled to solve the puzzle of paper and manual data entry in this business for many years and our alliance with Cleareye is taking meaningful steps towards solving the problem,” J.P. Morgan Global Head of Trade and Working Capital Stuart Roberts said in the press release.
He added that the ClearTrade platform also “helps us to accelerate and future-proof our clients’ business while reinvesting savings into enhancing controls and risk management.”
The initiative enables J.P. Morgan to further digitize documents using image processing solutions to extract, validate and accurately classify unstructured data, allowing for smart interpretation of data and documents.
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“J.P. Morgan maintains a gold standard for digital innovation while ensuring regulatory needs are met, and we are very excited about the ClearTrade implementation and go-live,” Cleareye CEO and Co-founder Mariya George said in the release. “This also reinforces the strategic alliance between our firms and the vision to digitize trade operations for banks across the globe.”
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