Lloyds Banking Group is partnering with AI specialist Cleareye.ai to automate the processing and compliance reviews of trade documents for the bank’s clients.

The technology, which will be implemented later this month, will include a set of sophisticated AI technologies such as optical character recognition (OCR), machine learning, and natural language processing algorithms.

The new system will be able to source critical data from trade documents including digital and paper-based import and export documentary letters of credit, documentary collections, undertakings and trade loans.

The AI set up will also conduct document checks and critical compliance examinations in different areas including money laundering.

Head of trade and working capital products at Lloyds Bank Commercial Banking Rogier van Lammeren said: “We’re continually looking for ways to help our clients trade simpler, faster, and more efficiently and our partnership with Cleareye.ai enables us to do this. Using their AI technology, we will streamline critical parts of trade finance processes that we know are important to our clients.”

The move follows a series of digital and AI rollouts at the bank over the past two years.

In February 2024, the bank set up an entirely digital documentary collection with the use of electronic Bills of Lading (eBLs) and digital Promissory Notes (dPNs), reducing the time to complete the transaction from 15 days to around 24 hours.

In August, the group further strengthened its AI Centre of Excellence, Lloyd’s arm committed to attracting and retaining AI and ethics talent, with the appointment of Rohit Dawan as director of AI.

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