Surecomp enables further trade finance efficiencies with Traydstream partnership

Toronto, Canada, 12 January 2023 – Surecomp today announced that it has finalised a partnership agreement with the London-based fintech Traydstream to integrate AI powered document checking into its collaborative trade finance platform RIVO™.  

By offering an integrated solution for document checking, sanction screening, AML detection and other OCR-based compliance checks, RIVO customers will be able take a more proactive approach to trade-based risk management while further enhancing a digital, sustainable trade finance process through seamless integration between RIVO and their back-office trade finance solutions.

Traydstream identifies, extracts and interprets thousands of data attributes from over 150 common global trade document types to automatically check every detail in a Letter of Credit, Open Account and Collection document.  In addition to being able to conduct over 400,000 permutations of trade rules, customers can now benefit from providing a fully digital, auditable record of their trade business for compliance and management reporting. The automated process has proven to reduce document checking times from hours to minutes, cut processing costs up to 60-70% and drastically improve accuracy by removing human error from the equation.

“Combining Surecomp’s expertise in trade finance process automation built up globally over more than 35 years, with our trade innovation, both teams are benefiting from a deep understanding of what clients need from their current and future digitization landscape,” said Uzair Bawany, Chief Commercial Officer at Traydstream.

“With trade-based fraud continuing to dominate the headlines, the need for transparency and risk management has never been greater,“ said Enno-Burghard Weitzel, Surecomp’s SVP of Strategy, Digitization and Business Development. “We know that effective document checking is a critical component of a streamlined trade finance process and Surecomp customers can now significantly cut the amount of time spent on checking the multiple documents involved a trade finance transaction, while protecting themselves against risk and loss. We have been impressed by the scale of Traydstream’s operations and global client base and we are excited to be able to offer our clients such an innovative solution that uses AI powered services to further digitise and automate global trade.”

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About Traydstream
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 transaction, using a machine learning based engine to check against the underlying trade transaction with over a quarter million rules permutations. Designed and built by leading individuals from the banking and technology communities, Traydstream, makes the document processing journey safer, scalable and profitable in an increasingly complex and costly trade finance environment.

Traystream Contact:
Varinder Dhaliwal – Traydstream Limited
Tel:  +44 (0)7920 767996
Email: varinder.dhaliwal@traydstream.com

About Surecomp
Surecomp® is the market leader in digital trade finance solutions for banks and corporations. An industry pioneer for over thirty years, we provide an innovative portfolio of cloud and on-premises solutions to streamline the trade finance transaction lifecycle, enhance operational efficiency, ensure compliance and drive growth. With a global footprint of eight offices in Toronto, New York, Santiago, Buenos Aires, London, Hamburg, Tel Aviv and Singapore, we partner with a prestigious customer base in over eighty countries across the world. For more information visit surecomp.com.

Contact:
Abby Bickford
Marketing Director
O: +44 1256 365400 M: +44 7931 126616
Email: abby.bickford@surecomp.com
surecomp.com