A pan-African financial group has selected Conpend’s TRADE AI app from its open innovation platform, FusionFabric.cloud. Finastra has made an announcement regards this in Bank of Africa. The functionality of Finastra’s Fusion Trade Innovation technology has been extended by the app. This also enables the users to reduce document and compliance checking time.
To reduce the risk and cost of trade finance operations it digitizes trade finance processes. And this is carried out by using optical character recognition (OCR), natural language processing (NLP) and progressive machine learning. Leila Bahoum, Board member in charge of Trade Finance Operations from OGS Subsidiary of BANK OF AFRICA said in a statement that the solution will improve their trade finance operations by speeding up the approval of trade finance documents.
Access to third-party apps was a clear differentiator when looking at trade finance solutions. They are expecting that it will digitize manual, paper-based processes, reduce processing time by 30 per cent, and reduce trade finance risk levels by up to 80 per cent. Unstructured data from scanned paper documents can be extracted by Conpend Trade AI. It can also process already digitalized data. The data is then screened and analysed, using rules and advanced analytics.
All major global regulations are fully compliant with this. All necessary compliance checks for a trade transaction can be performed by this easily and automatically. Informed business decisions can be made quickly and accurately by the business users by using this. Money laundering screening and handling alerts during the screening process is also included in this. To support goods in transit the solution also enables vessel checking and voyage tracking.
Marc Smith, Founder and Director, Conpend is pleased that BANK OF AFRICA has chosen to plug their innovative technology into its systems. And this could be one of the big benefits of us making our app available on Finastra’s FusionFabric.cloud. They have been able to build this solution out quickly on the platform and make it available to banks around the world.
Anastasia McAlpine, Principal Product Manager, Trade and Supply Chain Finance at Finastra said that this is another great example of banks and fintechs collaborating to bring innovative technology to market fast. They are confident that BANK OF AFRICA will realize the results with Conpend Trade AI app. They also look forward to other banks tapping into this opportunity to further enhance the functionality of their Fusion Trade Innovation. Finastra’s vision of openness and collaboration will spread across the world.