Citi, a multinational investment bank, has announced its collaboration with Traydstream, an innovative trade documentation solutions provider. This partnership seeks to provide clients with superior and automated processing of trade documents.
According to Citi's press release, Traydstream offers cloud-based solutions for document verification automation, thus accelerating time-consuming processes in trade such as letters of credit and collections. With this collaborative venture, clients can utilize a variety of pre-loaded document types along with an advanced rules engine that automates processing steps. This collaboration offers the clients an opportunity to significantly improve scalability while decreasing risks and costs associated with manual operations.
Valeria Sica, Global Trade Data, Partnerships and Innovation Head at Citi said in the press release by Citi that "Citi’s collaboration with Traydstream underscores our commitment to providing clients with the most advanced tools and technologies to facilitate trade. The reliance on paper in the Trade industry needs to reduce and we see the next few years to be transformative for the business as we make our industry more environmentally friendly."
As stated on their About webpage, Traydstream is comprised of individuals having varied expertise in fields like trade documentation, export finance, banking, and technology. Their platform is designed to confront challenges experienced in global transaction banking by leveraging their collective knowledge. Services provided by Traydstream involve digitalizing and storing trade finance documentation, extracting data into structured information and comparing it against a comprehensive database of trade compliance rules - exceeding a quarter million entries. It employs artificial intelligence (AI) along with machine learning technology.
Sameer Sehgal, CEO at Traydstream said in another press release by Citi: "We are excited to work with Citi. The Traydstream platform combines cutting edge machine learning capabilities with a distinct rule engine that constantly learns and evolves alongside an innovative trade compliance checking solution set. The platform is cloud-based, ensuring security while being both vertically and horizontally scalable."