Lloyds Bank in the UK has announced a partnership with Cleareye.ai, a specialist artificial intelligence platform in the trade finance space. Through this partnership, Lloyds will leverage cleareye.ai’s AI technology to streamline the processing and compliance checking of trade finance documentation to drive efficiencies for its clients.

Cleareye.ai’s ClearTrade technology will be implemented this month, which will use optical character recognition (OCR)*, machine learning, and natural language processing algorithms to extract critical information from trade documentation. This includes digital and paper-based import and export documentary letters of credit, documentary collections, undertakings, and trade loans.

Further, the AI-powered technology will carry out automated document examinations. This will be done in tandem with the International Chamber of Commerce Rules for Documentary Credits and Collections, as well as critical compliance checks, including trade-based money laundering (TBML) checks.

Rogier van Lammeren, Head of Trade and working capital products at Lloyds Bank Commercial Banking, said: “We’re continually looking for ways to help our clients trade simpler, faster, and more efficiently, and our partnership with Cleareye.ai enables us to deliver this. Using their AI technology, we will streamline critical parts of trade finance processes that we know are important to our clients.”

Mariya George, CEO and co-founder at Cleareye.ai, said: “Lloyds Bank is a global trailblazer in digital trade—something that, in part, has been achieved through its ability and appetite to forge strategic partnerships. We’re proud to be working together to apply our technology to its trade finance and compliance processes and look forward to seeing the benefits for the bank’s clients and its colleagues who serve them.”