Bank of Africa adopts Conpend TRADE AI app to digitize trade processes
Bank of Africa, a pan-African financial group, has selected Conpend's TRADE AI app from its open innovation platform, FusionFabric.cloud.
The app extends the functionality of Finastra's Fusion Trade Innovation technology and enables users to reduce document and compliance checking time.
It digitizes trade finance processes, using optical character recognition (OCR), natural language processing (NLP) and progressive machine learning to reduce the risk and cost of trade finance operations.
"The solution will improve our trade finance operations by speeding up the approval of trade finance documents. We expect it will digitize manual, paper-based processes, reduce processing time by 30 per cent, and reduce trade finance risk levels by up to 80 per cent. Having access to third-party apps was a clear differentiator when looking at trade finance solutions," said Leila Bahoum, Board member in charge of Trade Finance Operations from OGS Subsidiary of Bank of Africa.
Conpend TRADE AI extracts unstructured data from scanned paper documents and can also process already digitized data. The data is then screened and analyzed, using rules and advanced analytics, to empower business users to make informed business decisions quickly and accurately. It is fully compliant with all major global regulations and automatically performs all necessary compliance checks for a trade transaction. This includes money laundering screening and handling alerts during the screening process, which dramatically reduces false positives and time spent on decision-making. The solution also enables vessel checking and voyage tracking to support goods in transit.
Marc Smith, Founder and Director, Conpend said, "We're so pleased that Bank of Africa has chosen to plug our innovative technology into its systems. This is one of the big benefits of us making our app available on Finastra's FusionFabric.cloud. We've been able to build our solution out quickly on the platform and make it available to banks around the world in support of Finastra's vision of openness and collaboration."
Anastasia McAlpine, Principal Product Manager, Trade and Supply Chain Finance at Finastra said, "This is another great example of banks and fintechs collaborating to bring innovative technology to market fast. We are confident BANK OF AFRICA will realize great results with the Conpend Trade AI app and look forward to other banks tapping into this opportunity to further enhance the functionality of our Fusion Trade Innovation."