Traydstream partners with Infosys Finacle to drive blockchain based trade finance automation
Driving blockchain based automation.
Traydstream's solution is integrated with Finacle's Blockchain based trade finance solution, Finacle TradeConnect, to enable further automation of trade finance processes.
A Partnership for Trade Connect
Traydstream, the FinTech leader in trade document scrutiny using artificial intelligence (AI), announced the signing of a joint partnership agreement with Infosys Finacle, part of EdgeVerve Systems.
As part of the partnership, Traydstream’s solution will be integrated with Finacle’s Blockchain based trade finance solution, Finacle TradeConnect, to enable further automation of trade finance processes.
Traydstream’s platform can automatically recognize over 160 different document types and is able to extract as well as understand over 3,000 attributes, allowing Traydstream to support Export and Import Letters of Credit (Issuance, Amendments and Document Presentation); Documentary Collections (Imports and Exports) and Open Account transactions.
Finacle Trade Connect is a blockchain-based solution designed to automate inter-organisation processes for trade finance. The solution digitizes the trade finance business processes, including validation of ownership, certification of documents and making payments, while working on a distributed, trusted and shared network. Finacle TradeConnect is available for a range of functions, including Bill Collection, Letters of Credit, Open Account for Trade, C2C Transactions for Trade, B2C transactions for Trade, PO Financing and Invoice financing.
Traydstream’s modular technology extracts data intelligently, using AI and optical character recognition. It slashes the time to complete checks on the dozens of documents generated by a single shipment, using a machine learning based engine to check against the underlying trade transaction with over a quarter million rules permutations.
"We are very proud of being a part of the Finacle partner ecosystem. We believe that Traydstream can add value very quickly to Finacle clients and contribute to their overall vision. Our objective is to improve the quality of trade rules and compliance checking by automating the most manual and error prone parts of the process so that people can truly focus on the discrepancies that are going to save their business time and money."
"With Finacle Trade Connect, we are helping our clients reimagine the trade finance processes to deliver unprecedented levels of digitization and automation across the ecosystem. The solution delivers significant improvement in transparency, speed, and operational efficiencies, among trade parties. We believe the partnership with Traydstream will further enhance our value proposition and help our clients unlock greater value."
