Traydstream, Infosys, Finacle to Drive Blockchain Based Trade Finance Automation
Traydstream, a FinTech company which undertakes trade document scrutiny utilizing artificial intelligence (AI), declared the signing of a joint partnership agreement with Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys.
As part of the collaboration, Traydstream’s solution will be combined with Finacle’s blockchain-based trade finance solution – Finacle TradeConnect, to allow additional automation of trade finance processes.
Traydstream’s modular technology elicits data intelligently, utilizing AI, and optical character recognition. It severs the time to complete checks on the dozens of documents produced by a single shipment, utilizing a machine learning-based engine to verify against the underlying trade transaction with over a quarter-million rules permutations. This is a massive benefit for all exporters and banks when trade operations expertise is in short supply, and billions of trade documents are in circulation at any time. Delays or mistakes can be very expensive.
“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,” said Shishir Vyas, Head of Partner Solutions at Traydstream in a statement. “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.”
Traydstream’s platform can automatically identify across 160 different document types and can extract as well as understand above 3,000 attributes, enabling Traydstream to promote export and import letters of credit documentary collections (imports and exports) and open account transactions.
Venkataramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle said in a statement, “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. Consequently, our clients have experienced processing time reduction by nearly 75 %. We believe the partnership with Traydstream will further enhance our value proposition and help our clients unlock greater value.”
Finacle Trade Connect is a blockchain-based solution intended to automate inter-organization processes for trade finance. The solution digitizes the trade finance business processes, including certification of documents, validation of ownership, and making payments, while operating on a distributed, trusted, and shared network. Finacle TradeConnect is accessible for a range of functions, including bill collection, open account for trade, letters of credit, C2C transactions for trade, B2C transactions for Trade, PO financing, and invoice financing.