Cleareye.ai Announces J.P. Morgan’s Compliance Go-Live on the ClearTrade ® Platform
21.4.2023 09:00:00 CEST | Business Wire | Press Release
Building off the momentum of the strategic alliance announcement last September, Cleareye.ai has continued its collaboration with J.P.Morgan Trade and Working Capital, which went live with ClearTrade® Compliance module in January. ClearTrade® Compliance automates the identification of the high-risk characteristics of transactions and, in an automated manner, aids users in the assessment of red flags and red flag management. It comes pre-integrated with external data providers for Vessel and Container Tracking, Bill of Lading Validation, and the identification of military & dual-use goods. This reduces risks for banks and increases efficiency and organizational controls, allowing banks to uplift global markets to higher standards without the corresponding increase in cost.
ClearTrade® is a comprehensive trade finance software suite that future proofs the trade operations and technology of banks through its three-module offering of Digitization, Compliance and Auto Doc Exam.
- The Digitization module uses ICR/OCR and NLP to extract information found in documents and map data directly to a bank’s back-office system, allowing for operational efficiencies and potentially improved sanctions screening.
- The Compliance module uses the data extracted from the digitization module & applies a series of red flag and vessel & container checks that provides information to help better control and navigate risks associated with each transaction.
- The Automated Document Examination module uses advanced technologies to interpret and identify rules and conditions while validating against the presentation documents to optimize processing for trade operations.
The ClearTrade® platform has allowed for faster and more accurate document handling. The platform’s powerful image processing and data extraction provides significantly higher accuracy and confidence, to the tune of over 90%. This eliminates manual processes and allows data injection into a bank’s back-office system, improving the operational efficiency and transaction turnaround time.
Using the ClearTrade® platform, J.P.Morgan has accelerated its journey to future proof its trade finance operations, with plans to further uplift and roll out the platform globally.
James Fraser, Global Head of Trade for JPMorgan Payments says: “As our industry continues to change moving beyond the COVID pandemic, we have even more reason to focus on the digitization of trade. Cleareye’s ClearTrade®platform offers customization to streamline the manual and paper-heavy processes associated with due diligence. The strategic alliance between both J.P. Morgan and Cleareye will allow Cleareye to bring automated straight through processing to banks across the globe.”
Mariya George, CEO for Cleareye, states: “With our strategic alliance with J.P. Morgan, Cleareye is focused on revolutionizing the fintech and regtech markets. ClearTrade®not only helps streamline trade transactions, but also brings together data from global sources to enable banks make confident decisions for safe, efficient and lawful movement of trade, reducing Trade Based Money Laundering risk while meeting the changing regulatory needs.”
For any inquiries regarding this announcement or Cleareye.ai’s strategic alliance with J.P.Morgan, please reach out to your Cleareye.ai sales representative for more information or visit our website www.cleareye.ai
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