ClearTrade
Enable efficiency in Trade Finance processing by automating document scrutiny, rules validation and compliance checks
About this app
ClearTrade is a digital workbench to process trade finance transaction documents, perform automated reconciliation against UCP and ISBP rules and seamlessly integrates with Sanctions Screening systems and TBML (Trade Based Money Laundering) systems.
A typical trade transaction goes through numerous compliance checks during its life cycle, with each review racking up costs along the way. Moreover, paper based trade finance transaction processing is inefficient, time-consuming and vulnerable to financial crime. ClearTrade differentiates itself from competition due to efficiencies gained via speed in end-to-end processing time, the absence of any back-end intervention, a flexible rules engine, combined with NLP and advanced AI capabilities.
ClearTrade aims to improve operational productivity by 70%, automating stringent regulatory and compliance processes, as well as highly manual and paper-intensive operations. As a result, it reduces operational risk, reputational damage and fines – opening up resources in your business to deliver excellent customer value.
Open & Pre-Integrated
Pre-integrated with Fusion Trade Innovation, delivering real-time or batch integration with multiple banking end points using APIs. Increase relevance and automate compliance with a future-proof trade services platform which is compliant with the latest SWIFT message types and industry standards – offering a seamless corporate experience.
Beyond Document Digitization
The automated solution enables checking of the documents presented against the Letter of Credit terms and conditions in line with UCP Rules. It also validates key compliance checks like Vessel Tracking, Identification of TBML flags, Tracking of Dual-Use goods and Sanctions Screening – all in one complete workflow.
Dynamic & Agile Rules Engine
Letter of credit rules are picked up at a document level from 46A and 47A of the letter of credit. The dynamic rules engine translates the conditions expressed in the LC as business rules using natural language processing, and validates against UCP / ISBP rules. The Powerful rules engine enables banks to specify rules for a particular market / branch to ensure compliance with local regulations.
