Traydstream, one of the trade finance industry’s newest entrants, has already struck partnerships only a month after launching.
The company announced news on Friday (Aug. 4) that it is partnering with Fujitsu subsidiary PFU and Lloyd’s List Intelligence. PFU will provide its scanning technology to Traydstream to integrate scanning services into its offering. The scanners will facilitate the firm’s OCR technology to scan and extract data from physical trade documents. Traydstream is also reportedly joining PFU’s Imaging Alliance Programme, in which partners gain access to code and other resources to develop their own scanner solutions, reports in Global Trade Review said.
Meanwhile, Lloyd’s List Intelligence will lend its business intelligence capabilities as part of an ongoing relationship with the company, giving Traydstream clients access to Lloyd’s maritime data for real-time shipping vessel tracking, among other information. This partnership will focus on Traydstream’s trade compliance offering to help businesses tackle the management of digital information.
Traydstream made its debut into the trade finance industry last month as an initiative developed by commercial banking executives. The firm deploys machine learning, artificial intelligence and blockchain to streamline trade document management. At the time of the company’s launch, Traydstream said it looked to promote adaptability in the trade finance market when it comes to ongoing regulatory and industry changes in corporate banking.
The company isn’t the first to use these technologies in the trade finance space.
Earlier this year, the International Chamber of Commerce Banking Commission released a report highlighting an imbalance between supply and demand of trade finance services, such as business intelligence and trade compliance. According to its Global Survey on Trade Finance, 61 percent of banks said they are facing a greater demand for trade finance than they can currently supply, with two-thirds citing regulatory requirements as a key hurdle in their ability to meet that demand. Collaboration with the FinTech industry, the ICC concluded, is helping.