Citi is working with Traydstream to offer clients automated trade-document processing capabilities.
The partnership gives Citi clients a way to “leverage a vast array of pre-loaded document types” along with a rules engine that automates the processing steps, the companies said in a Monday (Dec. 4) news release.
“The result is an opportunity for clients to make a step change in scalability, reducing manual process risk and cost along the way,” the release said. “Citi recognizes the complexities and challenges faced by businesses engaged in cross-border trade and is committed to delivering innovative solutions to address them through innovative collaborations.”
The two companies will work together to streamline documentation review and examination “in accordance with documentary credit terms” to help reduce risks, operational load and cost, according to the release.
“The reliance on paper in the trade industry needs to reduce, and we see the next few years to be transformative for the business as we make our industry more environmentally friendly,” said Valeria Sica, Citi’s head of global trade data, partnerships and innovation, in the release.
The partnership comes as the global trade sector is turning to automation in the form of generative artificial intelligence (AI) to ease supply chain troubles.
“On the longer time horizon, we’ll see highly accurate predictive analytics and forecasting driven by integrated data from each step in the supply chain,” Julie Gerdeman, CEO of supply-chain risk assessment firm Everstream Analytics, said in September. “This will automate decision-making to mitigate risk exposure and disruptions, leading to fully resilient, sustainable, and risk-adjusted supply chains.”
Meanwhile, PYMNTS wrote last week that businesses are recognizing the need to automate accounts payable and receivable processes to streamline daily routines. With proper automation, companies can cut down on processing time delays and gain operational efficiencies, ending up with cost savings that can be used for further business growth.
Despite these benefits, few mid-sized U.S. companies have fully automated, according to the study “Accounts Payable and Receivable Trends and the Path to Profitability,” a PYMNTS Intelligence and American Express collaboration.
The study found that more than a third of mid-sized U.S. companies — those generating between $3.5 million and $15 million in annual revenue — have not introduced any automation within their AP or AR processes. Just 44% automated partially, which the researchers defined as automating just one or two tasks.
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