Any Trade Finance deal is accompanied with heavy paper work involving the buyer and the seller, with the bank or banks acting as the intermediaries to hedge-off the financial transaction risk. These documents are received in multiple formats, such as paper copies, email, fax, e-documents, document sharing portals, etc. Document tracking and document consistency checking being a time consuming manual activity constitutes a major portion of these trade finance transactions. It mandates the executives’ manually validate and key in the data in the core banking and trade finance systems. Plug and Play business accelerators, such as Document Consistency Checker, enable Trade Finance departments in Banks and NBFCs in quickly extracting data from long text unstructured document formats by using AI/ML and in-built rules and integrating it with core business systems.
