Global provider of trade finance solutions Surecomp has announced a strategic collaboration with Cleareye.ai to provide simplified data from trade documents. As per the information detailed in the press release, Surecomp entered a strategic partnership with Cleareye.ai, a provider of digital trade finance solutions which delivers automation of trade compliance and operations.

The collaboration follows significant difficulties faced by both companies’ customers which are engaged in cross-border trade. These include an increasingly complex regulatory environment that requires monitoring of trade-based money laundering (TBML), resulting in decreased operational capabilities and rising costs. Surecomp and Cleareye.ai’s plans By delivering financial institutions globally with a suite of solutions, both Surecomp and Cleareye.ai intend to address the demand for simplified and readily available data within trade documents.

With the automation of the classification of trade documents and the extraction and validation of data, financial institutions are set to be able to improve trade productivity and speed. Through this process, the two companies aim to support the minimisation of risk, while also ensuring compliance via automated checks for TBML and other relevant warnings. The partnership focuses on increasing a bank’s ability to scale and manage its trade volumes more effectively. Furthermore, representatives from Cleareye.ai underlined that the collaboration supports the company’s commitment to improving the overall trade finance process.

By merging their capabilities, the two companies intend to provide financial institutions with a comprehensive solution that allows them to navigate the complexities of trade finance with increased efficiency and convenience. Additionally, officials from Surecomp stated that implementing AI-based compliance checks into the trade financial transaction supports banks in their journey of including AI in their everyday operations. .