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Lloyds Bank has announced a partnership with Cleareye.ai, an artificial intelligence (AI) platform specialising in trade finance solutions: the first collaboration of its kind in the UK banking sector.
Cleareye.ai’s ClearTrade technology will be implemented starting this month. The AI system aims to automate and streamline processing and compliance reviews of trade documents for Lloyds Bank’s clients.
The technology utilises machine learning and natural language processing to extract information from various trade documents. It also adopts optical character recognition (OCR), which electronically converts images of typed, handwritten or printed text into machine-encoded text.
Automated examinations and critical compliance checks (including trade-based money laundering (TBML) checks) will be conducted – in accordance with the International Chamber of Commerce Rules for Documentary Credits and Collections.
Rogier van Lammeren, Head of Trade and Working Capital Products at Lloyds Bank Commercial Banking, stated that the partnership is part of the bank’s efforts to simplify and expedite trade processes for its clients.
This partnership follows several digital trade initiatives by Lloyds Bank. In February this year, the bank completed the UK’s first entirely digital documentary collection using electronic Bills of Lading and digital Promissory Notes.
In 2023, Lloyds Bank was the first globally to transact under the UK’s Electronic Trade Documents Act; and in 2022, the bank completed the UK’s first digital promissory note purchase under contractual law using the International Trade and Forfaiting Association’s (ITFA) Digital Negotiable Instrument Initiative.
Mariya George, CEO and Co-Founder of Cleareye.ai, said, “Lloyds Bank is a global trailblazer in digital trade – something that, in part, has been achieved through its ability and appetite to forge strategic partnerships.
“We’re proud to be working together to apply our technology to its trade finance and compliance processes and look forward to seeing the benefits for the bank’s clients and its colleagues who serve them.”
The adoption of these digital trade instruments is now part of Lloyds Bank’s standard offerings for clients.
