LONDON--(BUSINESS WIRE)--Citi has today announced it will collaborate with Traydstream, a leading provider of innovative trade documentation solutions to provide clients with access to a cutting edge and automated trade-document processing capability.
The collaboration provides clients with an opportunity to leverage a vast array of pre-loaded document types and an innovative rules engine that automates the processing steps. The result is an opportunity for clients to make a step change in scalability, reducing manual process risk and cost along the way.
Citi recognises the complexities and challenges faced by businesses engaged in cross border trade and is committed to delivering innovative solutions to address them through innovative collaborations. Traydstream provides cloud-based automated document checking solutions that help accelerate previously time-consuming trade procedures, such as letters of credit and collections.
In a world where international trade is crucial to global economies the timely and efficient management of documentation is imperative. Working together, Citi and Traydstream will look to streamline the review and examination of documentation in accordance with documentary credit terms, to assist in mitigating risks, reducing operational load and, ultimately, cost.
“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,” said Valeria Sica, Global Trade Data, Partnerships and Innovation Head at Citi.
Sameer Sehgal, CEO at Traydstream said, “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, as well as an innovative trade compliance checking solution set. The platform is cloud-based, and deploys security features, while being both vertically and horizontally scalable.”
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
About Traydstream
Traydstream’s modular technology extracts data intelligently, using AI and optical character recognition. It slashes the time to complete checks on the dozens of documents generated by a single transaction, using a machine learning based engine to check against the underlying trade transaction with over a quarter million rules permutations.
Designed and built by leading individuals from the banking and technology communities, Traydstream’s document checking platform makes the document processing journey scalable and profitable in an increasingly complex and costly trade finance environment.
