Scaling trust in trade finance systems

Transforming Trade Finance with Advanced OCR and Agentic AI Trade finance is plagued by document-heavy processes, manual scrutiny, and compliance bottlenecks. Banks and financial institutions struggle to verify documents efficiently while ensuring regulatory compliance. This is where Advanced OCR and Agentic AI step in to revolutionize document scrutiny at scale. 🔍 Advanced Optical Character Recognition, extracts structured and unstructured data from invoices, bills of lading, letters of credit, and other trade documents with high accuracy, even when dealing with handwritten notes, stamps, or low-quality scans. 🤖 Agentic AI takes it further by: ✅ Contextually analyzing extracted data to detect inconsistencies, fraud, and regulatory breaches ✅ Automating compliance checks against global trade sanctions and AML regulations ✅ Seamlessly integrating with existing trade finance platforms for real-time decision-making By combining OCR and Agentic AI, banks can significantly reduce processing times, mitigate trade-based money laundering risks, and enhance operational efficiency—unlocking faster, safer, and more scalable trade finance. The future of trade finance is autonomous, intelligent, and risk-aware. Are you ready to embrace it? 🚀 #TradeFinance #AI #OCR #Automation #BankingInnovation #Fintech

Bank for International Settlements – BIS - Project Aperta: enabling cross-border data portability through open finance interoperability Source: https://lnkd.in/gZSKAKPt #bis #project #perta #crossborder #data #portability #openfinance #interoperability #api Highlights: Aperta is a prototype of a multilateral cross-border interoperability network that connects the domestic open finance infrastructures of different jurisdictions, enabling consumer-consented, safe, secure and end-to-end encrypted financial data to be shared via APIs. This allows financial institutions and third-party providers to establish mutual trust across borders and exchange data within an end-to-end trusted environment. Aperta will provide an innovative mechanism for global interoperability, offering harmonised features, functionalities, use cases, security protocols, operating procedures and trust frameworks for open finance across jurisdictions. In its current phase, the participating jurisdictions include the United Arab Emirates, the United Kingdom, Brazil and Hong Kong SAR. The participants have varying approaches to open finance – ranging from regulatory-led to hybrid to market-led. The multilateral nature of Project Aperta will enable a licensed third-party provider – such as a bank, fintech or other financial institution – in one jurisdiction to seamlessly connect with third-party providers in other jurisdictions. This will facilitate the exchange of information such as payment and account data, letters of credit or electronic bills of lading. Businesses engaged in trade finance face numerous challenges when using financial products that facilitate trade, such as letters of credit, trade credit insurance and supply chain financing. Processes are often inefficient and costly due to excessive manual paperwork and a lack of digital data portability. Digitalising trade finance can promote sustainable economic growth and support financial stability, contributing to the overall resilience of the global financial system. Around 70 jurisdictions currently regulate open finance through various approaches, with open banking as a subset. These open finance ecosystems often operate with differing domestic standards and protocols, preventing the smooth flow of data across borders. But technologies based on proven application programming interfaces (APIs) have the potential to significantly enhance cross-border data portability via these existing ecosystems, as the true value lies in facilitating international data flows. Some jurisdictions have begun addressing cross-border data portability through bilateral arrangements, but this risks causing fragmentation in scope, standards and solutions. This fragmentation, in turn, reduces interoperability and scalability while increasing overall complexity. It is essential to focus on avoiding fragmentation and to foster interoperability.

Transforming Trade Finance for Autonomous Supply Chains Autonomous supply chains powered by automation, IoT, and AI are revolutionizing global logistics. However, traditional trade finance models are struggling to keep pace. Smart contract-based solutions are the key to unlocking seamless, real-time operations. Here's how: 1. Autonomous supply chains are driven by automated logistics and procurement systems, optimizing efficiency and reducing human intervention. 2. Traditional trade finance models rely on manual approvals and static milestones, making them incompatible with fully automated processes. 3. Smart contracts offer a revolutionary solution by automating fund releases based on IoT-verified supply chain milestones. 4. These contracts are pre-programmed with conditions, ensuring payments are triggered only when specific criteria are met, like goods delivery or quality checks. 5. IoT devices within the supply chain provide real-time updates and verification, ensuring transparency and accuracy. 6. Smart contract-based trade finance eliminates delays, reduces administrative costs, and enhances trust between parties. 7. Financial institutions can benefit by offering innovative, tech-driven solutions that align with the evolving needs of autonomous supply chains. 8. Businesses adopting this model can improve cash flow, streamline operations, and reduce risks associated with traditional financing. 9. Collaboration between tech providers, IoT developers, and financial institutions is essential to create scalable and secure systems. 10. The future of trade finance lies in automation, and smart contracts are the bridge to seamless, autonomous global trade. #AutonomousSupplyChain #TradeFinance #SmartContracts #IoTInnovation #Fintech #DigitalTransformation #GlobalLogistics #SupplyChainAutomation #FutureOfFinance #BlockchainInBusiness