Trade FinanceBanks deal with Documents and not Goods…….!
Trade finance remains one of the most complex banking businesses to automate, owing to intricacies in international trade practices. There is a lag in the entire trading life cycle due to document intensive transactions, multiple process stages and lot of manual checks. Trade finance for banks is labor, process and paper-intensive and as such, paper-intensive processes can impede transaction efficiency, and reduce visibility on both the physical and financial aspects of the transaction. In order to overcome all these difficulties ranging from labor, process and paper intensive including multiple manual checks which takes around 2-3 days for each transaction to complete. We have come out with an end-to-end automation in TradeFinance domain which reduces the TAT to 48 Hours to 90 minutes.
• Auto Classifies the TradeFinance Documents such as BOL, AWB, Invoice, Draft, Certificate of Origin, Packing List, Cover Schedule etc from multipage TIFF or PDF Files.
• Auto Captures Data points from structured, semi-structured and unstructured documents through OCR Technology.
• DocCheck – Comprehensive document checking rules as per ICC, URC, ISBP etc
• Apply any complex Business Rules
Apart from Auto Extracting the Data points from the documents and applying the Business Rules, TradeFinance involves a lot of manual checks with various departments in order to verify the integrity of the case. This is a very time consuming process and may extend from hours to days to get completed. Autorec Agile Capture Platform is designed in such a way that it integrates with any API and shows instant Results.
Successfully Tested System Integrations on Autorec
• Compliance Check
• Vessel Tracking System Autorec integrates with Third Party solution to show Vessel Tracking information of the respective transaction on Autorec Agile capture Platform.
• Swift Messages Real time matching of terms of credit from MT700 / 707 field 50,59,32B,43P,43T,44ABC,45A,46B etc.
• Customer Info Autorec integrates with the Core Banking System to show Past Due, Available Limits, Balance Amount and Signature of the Customer on AutoRec Platform
• Core Banking System Autorec works as a Plug and Play product when connected to Core Banking System. Data Captured from the documents can be transferred to Core Banking Systems like Flexcube, Finacle, Bank Trade, Eximbills etc.
• DMS System Autorec integrates with DMS systems like FileNet, Documentum, Intellect, OmniFlow etc to acquire images
• TAT reduced from 2-3 working days to 12 minutes.
• FTE reduced by 50%
• Reduced Cost.