17 October 2017

HSBC automates documentary trade processing with IBM

10 August 2017  |  12926 views  |  1 Business meeting finger pointing on chart close up

HSBC is applying optical character recognition and cognitive technology from IBM to automate the processing of paper documents in trade finance transactions.

HSBC’s Global Trade and Receivables Finance (GTRF) team facilitates over $500 billion of documentary trade for customers every year, and in doing so must manually review and process up to 100 million pages of documents, ranging from invoices to packing lists and insurance certificates.

The new application scans, captures and extracts key data within these documents before feeding it into the bank’s transaction processing systems.

“The average trade transaction requires 65 data fields to be extracted from 15 different documents, with 40 pages to be reviewed,” says Natalie Blyth, HSBC’s global head of GTRF. “By digitising this process we will make transactions quicker and safer for both buyers and suppliers, leading our industry forwards, and we will reduce compliance risks through an enhanced ability to manage huge volumes of data.”

HSBC is currently using the technology to analyse English-language import and export bills in several markets in Asia, Europe, the Americas and the MENA region. Blyth says the bank intends to phase in new languages, including Chinese, French and Spanish over the coming months.

Comments: (1)

Hugh Whitehill
Hugh Whitehill - Link. Client Onboarding KYC - Hong Kong | 11 August, 2017, 02:56

That will be a mammoth project and I think it's a great move for HSBC that will pay off very nicely in the long run. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Commerzbank steps up focus on trade finance transformation

Commerzbank steps up focus on trade finance transformation

04 July 2017  |  11617 views  |  0 comments | 9 tweets | 13 linkedin
HSBC opens 'social network' for business customers

HSBC opens 'social network' for business customers

06 June 2017  |  14229 views  |  0 comments | 23 tweets | 21 linkedin
HSBC rolls out LinkScreen platform to business customers worldwide

HSBC rolls out LinkScreen platform to business customers worldwide

11 May 2017  |  10099 views  |  0 comments | 10 tweets | 19 linkedin
HSBC partners TradeShift to digitise the corporate supply chain

HSBC partners TradeShift to digitise the corporate supply chain

30 March 2017  |  9747 views  |  0 comments | 6 tweets | 20 linkedin
CBA and Wells Fargo combine blockchain and IoT to revolutionise trade finance

CBA and Wells Fargo combine blockchain and IoT to revolutionise trade finance

24 October 2016  |  15964 views  |  2 comments | 32 tweets | 35 linkedin
Microsoft takes it own blockchain medicine in trade finance deployment

Microsoft takes it own blockchain medicine in trade finance deployment

27 September 2016  |  10492 views  |  0 comments | 15 tweets | 29 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.temenos.comvisit www.innotribe.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14522 views comments | 11 tweets | 3 linkedin
Taiwan's Far Eastern International Bank suffers malware attackTaiwan's Far Eastern International Bank su...
13110 views comments | 16 tweets | 22 linkedin
Monzo fends off suitors as current account upgrade beginsMonzo fends off suitors as current account...
8992 views comments | 17 tweets | 14 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
7963 views comments | 15 tweets | 20 linkedin
Ripple blockchain network hits 100-member markRipple blockchain network hits 100-member...
7643 views comments | 13 tweets | 13 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job