Singapore – Traydstream and Standard Chartered Bank today announced a strategic agreement to introduce Traydstream’s digital trade document matching services to the Bank’s clients, delivering increased efficiency and transparency to document trade processing and improving the trade finance experience for buyers and suppliers globally.
The data matching process that companies currently have to conduct across various underlying trade documents is manual and time-consuming, which often results in a delay of the trade financing cycle and impacts these companies’ ability to meet their working capital needs. With this agreement, Standard Chartered will be able to refer its clients to Traydstream based on their requirements, and enable them to benefit from automated matching services by tapping on Traydstream’s digitised matching rules and processes.
Traydstream will work closely with Standard Chartered to offer document matching services to its clients in key trade export markets globally, starting with Singapore. “This is an exciting opportunity to work collaboratively with a supportive partner like Standard Chartered to provide cleaner, standardised documents for the end user, which make trade transactions more efficient and scalable while mitigating risk,” said TS Shankar, Area Head Asia Pacific at Traydstream.
Samuel Mathew, Global Head of Documentary Trade Product Management, Standard Chartered said: “After exploring various technology providers, we selected Traydstream based on their platform capabilities. The Traydstream offering fits well with our emerging markets footprint which generates a significant amount of trade document flows. Our goal is to help our export clients expedite their receivables and export proceeds, and as a result improve their working capital cycles. This strategic agreement further builds on the Bank’s export capabilities by allowing our clients to reduce discrepancies in their trade documents with Traydstream’s data and artificial-intelligence based matching tools.”
Traydstream has been rapidly growing its trade document scrutiny and compliance platform, including working with Standard Chartered and offering its advisory services to a major telecom company. Like Traydstream, Standard Chartered is committed to deliver differentiated and value-added solutions to its clients through innovation and co-creation, to address their key challenges in trade finance and further support the growth of global trade and economic growth.
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Traydstream is marked by its holistic approach to the digitalisation of trade finance end to end processing. Traydstream focuses on the automation of document discrepancy-checks, due-diligence, and regulatory and compliance screening, as well as the initial stages of converting data to digital format (a process achieved by their proprietary Optical Character Recognition (OCR) technology). Designed and built by leading individuals from the banking and technology communities, Traydstream is making headway in an industry increasingly aware of its need for innovation.