TECH OFFER

Machine Reading Comprehension (MRC) Technology for Trade Finance Automation

KEY INFORMATION

TECHNOLOGY CATEGORY:
Infocomm - Artificial Intelligence
Infocomm - Enterprise & Productivity
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TECHNOLOGY READINESS LEVEL (TRL):
LOCATION:
Singapore
ID NUMBER:
TO122221

TECHNOLOGY OVERVIEW

This technology offer is a state-of-the-art Machine Reading Comprehension (MRC) and Optical Character Recognition (OCR) artificial intelligence (AI) technology. MRC technology accurately extracts required information within unstructured documents.

It can be used to greatly reduce the dependency of human document checkers to conduct first-level document checks, and reduce turnaround processing time.

In particular, combined with domain knowledge of banking and trade finance rules, this technology offer allows banks to scale its trade finance operations exponentially.

TECHNOLOGY FEATURES & SPECIFICATIONS

  • Turn scanned letter of credit and supporting documents from images into digitised information with OCR. The converted text is then checked and auto-corrected by our AI technology. 
  • Converted text is then read and understood by the machine, and key information is automatically extracted for compliance check. This is powered by our award winning MRC technology, which can understand text in its true semantic meaning for higher accuracy and relevance. 
  • The solution package hosts our accumulated knowledge of trade finance and turns contextual knowledge of Uniform Custom Practise (UCP) and International Standard Banking Practise (ISBP) into applications to conduct compliance check and to detect discrepancies automatically. Anomalies are pin-pointed and highlighted for human document checkers for easier compliance checks.

POTENTIAL APPLICATIONS

AI-powered Robotic Process Automation (RPA) solution for Trade Finance, Credit Assessment, Audit and Compliance, etc.

Benefits

  • Reduce human dependency on mundane checking tasks
  • Scale up Trade Finance operations instantly
  • Cut down on operational and compliance risks
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