Reducing risk associated with trade finance processes, Finastra has announced a new app available on its FusionFabric.cloud open development platform, Conpend TRADE AI.
The app will build on the functionality of Finastra’s Fusion Trade Innovation technology to significantly cut document and compliance checking time.
Marc Smith, Founder and Director, Conpend commented: “We joined the FusionFabric.cloud platform as part of the early adopter program not only because the platform would enable us to integrate our TRADE AI solution faster with Finastra’s product portfolio, but also because we believe in Finastra’s vision of openness and collaboration.
“The platform has helped us to build, test and now deliver the integrated solution to a potentially huge market base. Going live in the store is a much-celebrated milestone for our two companies and we’re excited to be at the forefront of helping to bring much needed digital transformation and efficiency to the trade finance industry.”
Using optical character recognition (OCR), natural language processing (NLP) and progressive machine learning, Conpend TRADE AI digitizes trade finance processes to reduce the risk, processing time and cost of trade finance operations.
Conpend TRADE AI extracts unstructured data from scanned paper documents and can also process already digitized data. The data is then screened and analyzed, using rules and advanced analytics, to empower business users to make informed business decisions quickly and accurately.
The addition of Conpend TRADE AI to the FusionStore complements the Finastra philosophy of providing open and collaborative solutions and technology. It also seeks to bolster the company’s trade and supply chain finance processing engine.
Iain MacLennan, VP, Trade and Supply Chain Finance at Finastra added: “The Conpend TRADE AI app has tremendous potential to bring greater efficiency to the trade finance world. In some instances, Conpend has already seen its solution reduce document checking time from up to two days to 10 minutes, and now we are able to bring this to Fusion Trade Innovation customers, via our platform.
“In collaboration with Conpend we are continuing to bring innovation to this sector to enable our customers to digitize processes and drive down costs.”