Infosys Trade Finance Solution

Overview

International trade is the lifeblood of the global economy and as international trade expands to cover most countries, complexity and challenges for banks has increased. The bank’s operational processes for Trade finance are highly manual process with at least a third of the effort per deal consumed by manual reviews. Given all of this, there is strong imperative for banks to transform their trade finance processes, thereby improve compliance, and risk management, and unlock greater scale and efficiency.

The Infosys Trade Finance solution brings the best of AI and automation to deliver transformation to the trade finance lifecycle covering. This solution uses a powerful combination of ML, computer vision, NLP along with intelligent workflow driving the process. The solution integrates with the client’s trading and banking systems to deliver end to end automation with the goal to reduce cycle time and costs and ensure a high degree of compliance. This digitization of the process and documents can reduce transaction times and costs by over 40-50%, apart from bringing greater rigor and compliance to the process.

Enable up to 40-50% productivity and cycle time savings for the Trade Finance Operations, thereby enabling the bank to scale up to higher volumes

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The Infosys solution combines a diverse set of AI-enabled technologies to deliver end-to-end automation for the Trade finance process. These include Document Classification & Data Extraction, AI-based screening for sanctions and AML patterns and insights, smart 360o user interfaces with a highly configurable backend.

The solution ingests the trade deal documents and then applies Document Classification techniques to identify and classify the different incoming document types (LC, Invoices, Insurance documents etc.). Subsequently, the required data from the different documents are extracted and digitized using appropriate OCR, NLP, and other techniques.

Automated business rules are then applied on the digitized data covering comparisons across documents, with bank systems etc. Appropriate GenAI capabilities are leveraged for enhancing data extraction and summarization from the documents.

The results of the deal verification using this solution can be efficiently verified by human agents on a consolidated, smart, 360o interface which brings all documents, data, and rules, and also enables smooth Maker-Checker verification as per bank procedure. Issues identified during the business rule processing are then tracked to closure.

The solution also provides template-based document creation capabilities (e.g., documents such as Exporters Declaration). To enhance the coverage and effectiveness, the solution can connect to the bank’s core/other systems to cross-verify different details and provide end to end visibility.This enables the tracking of progress of downstream steps including SWIFT messaging, payment receipt etc.

Challenges & Solutions

The process continues to be mostly paper based, with around 30 documents to be reviewed per deal

AI-based automated document processing and business rule validations reducing human intervention by 40-50%

Compliance to the wide variety of regulatory frameworks across the world is a key imperative. Trade based Money Laundering (TBML) is on the rise leading to increased risk exposure for banks

Automation to enable digitized data and documents to be validated vis-à-vis applicable business rules, deeper analysis to verify aspects such as TBML, Sanctions etc.