Trade finance itself is a very complicated process as it involves a lot of paper intensive processes and lot of manual checks which are very time consuming. The data from the documents has to be manually entered into the system and this requires dedicated manpower in order to do so. There is a possibility that the data entered may have some kind of human errors which impact the quality. Data once entered into the system has to be validated based on ICC /ISBP guidelines manually.
Apart from which checking the data for any compliance related issues, checking the signature of the customer, LC Amendments, Swift , getting the detailed info of the customer and tracking the vessel to know whether the Vessel is Blacklisted or the Country from where the Goods were shipped is Blacklisted consumes a lot of time and efforts. All this manual effort with multiple manual checks would take almost 48 hours to complete the entire process. Customer experience was taking a big time Hit because of the slowness of the process and Banks on the other hand were spending heavily for manpower and any compliance related issues.