Traydstream, a FinTech that looks at trade documents with artificial intelligence (AI), has partnered with Infosys Finacle to implement blockchain technology and further automate trade finance, according to a press release.
The partnership will allow Finacle’s blockchain tech, called Finacle TradeConnect, to be integrated with Traydstream’s platform, which uses AI to scan documents and cut down the time it takes to check on rules or regulations in trade, where mistakes can be costly and time-consuming to correct.
Using Finacle TradeConnect will allow further automation of the inter-organizational processes like validating ownership, certifying documents and payment processing.
Finacle TradeConnect is available for use with bill collection, letters of credit, open account for trade, C2C transactions for trade, B2C transactions for trade, purchase order financing and invoice financing, the press release notes.
By using Traydstream, one can analyze over 160 document types and can extract and understand 3,000 attributes, the press release states.
Shishir Vyas, head of Partner Solutions at Traydstream, said the goal of the partnership is to accelerate evolution in the trade sphere.
“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,” Vyas said in the release.
Venkataramana Gosavi, senior vice president and global head of Sales with Infosys Finacle, said the objective is to reduce wasted time.
“The solution delivers significant improvement in transparency, speed and operational efficiencies, among trade parties,” Gosavi said in the release. “Consequently, our clients have experienced processing time reduction by nearly 75 percent.”
The modern trade environment has with numerous parties, including buyers, suppliers, financiers and more. Traydstream, since its inception in 2017, has made partnerships with other companies like PFU and Lloyd’s List Intelligence for scanning and business intelligence needs.