Today, Envoy Group announces that it has teamed up with TradeSun to offer an automated document reviewing process which will significantly reduce the time taken to complete trade finance transactions.
Manual documentation review processes, which are still common practice in trade finance, can take 4-6 weeks to complete and have very little protection against double-entry fraud and human error. This partnership allows Envoy’s clients to remove the margin for human error and complete the document review and validation process in a matter of minutes – helping mitigate risk and fraud whilst expediating global trade.
Envoy uses blockchain technologies to bring massive efficiencies to global supply chain and trade finance. Built on enterprise software firm R3’s Corda blockchain platform, Envoy accelerates the $17 trillion annual global trade flows into the digital age by reducing inefficiencies and injecting vital and once-unattainable liquidity.
TradeSun uses AI to automate the document reviewing process. Its technology has been in development for more than 10 years. Since inception, technologies such as text analytics, entity extraction, AI and NLP have been added to its offering. It has a management team with over 100 years of Financial Services Experience and includes experts in Trade Finance, AI, IOT and Blockchain.
TradeSun is the latest integration into the Envoy platform, following a successful $13 million raise and launch at the start of 2020. The firm also announced a partnership with KYC Hub earlier this month.
Lee Tarone, CEO of Envoy Group, has commented: “In 2020, the processes that our global trade relies on still are incredibly archaic. In order to expediate trade finance and bring it into the modern day, we need to do away with the rubber stamps and paperwork that fill it with risk.
“Faster, safer trade finance means faster, more effective business for all stakeholders.”
Nigel Hook, CEO of TradeSun, has commented: “The world of trade finance has a myriad of moving parts and countless businesses trying to accelerate the process. All of these parts grind to a crawling pace once they reach the manual documentation review process. This is incredibly labor intensive, expensive, and is also subject to human error.
“TradeSun’s patent-pending deep learning algorithm drives the automation, digitally capturing trade documents and intelligently examining them from a compliance and Letter of Credit perspective, thereby dramatically transforming productivity and accuracy.”