Dutch bank ABN Amro is working with AI platform Complidata to automate its trade finance operations.
ABN Amro will use Complidata's TradeSpeed around the world for documentary trade finance, specifically letters of credit and documentary collections, where manual processes are usually based on images of paper documents such a bills of lading and invoices.
TradeSpeed uses various AI techniques including large language models to increase the level of digitisation possible in these processes, says the vendor. The deal marks one of the first uses of LLMs for trade finance.
Burak Aslan, lead product owner, trade finance, ABN Amro, says: "TradeSpeed will empower our operations team members to focus on making decisions rather than completing time-consuming tasks. This will ensure increased capacity for value added service towards our clients."
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