HSBC to digitise global trade finance operations
Written by Anthony Strzalek
HSBC has announced that it is working with IBM to develop a cognitive intelligence solution which will combine optical character recognition and advanced robotics, in a move designed to make its global trade processes safer and more efficient.
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 review and process up to 100 million pages of documents, ranging from invoices to packing lists and insurance certificates.
The new solution uses IBM’s analytics technology, including intelligent segmentation and text analytics, to identify, digitise and extract key data within these documents before feeding it into the bank’s transaction processing systems; boosting accuracy whilst freeing up time for staff.
Natalie Blyth, HSBC’s global head of GTRF, said: “The average trade transaction requires 65 data fields to be extracted from 15 different documents, with 40 pages to be reviewed. 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. The team aims to enhance the solution so it can read a wider range of documents and languages including French, Spanish and Chinese.