TRADE AI enhances compliance and improves efficiency

Working with Conpend, ING Bank deploys AI for the more laborious aspects of documentary processing, including checking for compliance against ICC rules, as well as against BAFT anti-money laundering (AML) guidelines and regulatory sanctions screening, including for OFAC.

  • Conpend’s TRADE AI app converts all documents into machine-readable words before automatically checking them against inputted rules and regulations, enabling far greater efficiencies than human checkers can achieve.  
  • The app is also self-learning from all previous transactions, resulting in increased processing speed over time, and allowing it to produce analysis as well as recommend actions and solutions.
  • Operatives are freed from the monotony of document reading, allowing greater focus on checking the discrepancies identified by the app – all adding to the efficiency gains.
  • ING Bank reports cost savings on turnaround time as well as significant operational simplification and reduction in the probability of errors.