For almost two years now I have been acting as a consultant to a company called Complidata who are based in Belgium. Complidata provide two artificial intelligence driven solutions to banks ands corporates (1) Automated Document Examination (TradeSpeed) and (2) Financial Crime Risk Reporting (FCRR). My task, for TradeSpeed, has been to identify and document all the checks that are necessary to examine a set of documents under a letter of credit across all types and industries. This encompasses checks relating to terms and conditions incorporated into a letter of credit including fields 45A, 46A and 47A, the applicable rules in UCP 600 and the applicable practices outlined in ISBP 821 for each document type. For FCRR to identify the checks needed for sanction, red flags, TBML, and vessel monitoring among others.
In addition to establishing the examination checks for letters of credit, to develop discrepancy wording to identify the reason why TradeSpeed has identified a discrepancy in a document or the presentation itself. Demo's have been provided to numerous banks with advancement to proof of concept and implementation.
The following link, to the Complidata February newsletter, provides some more details. If your bank or company has any interest in this exciting solution please let me know at gary@collyerconsulting.com