Automating documentary
trade finance
Conpend’s TRADE AI app automates document checking for compliance – facilitating time and cost savings when examining documentary credits. This includes the terms of conditions of individual documentary credits against the Uniform Customs & Practice for Documentary Credits (UCP 600) as well as ICC Publication 745, International Standard Banking Practice (ISBP) General Principles. Further automated checks include document consistency checks on all presented documents, checks against Letter of Credit (LC) terms and individual document checks against international banking practice.
TRADE AI issues a report highlighting discrepancies, allowing operatives to analyze and react. The processing capacity of operatives is therefore multiplied, with their focus on examining queries discovered by the app, rather than sourcing and checking queries manually.
TRADE AI checks can include:
- Ability to process text files (SWIFT or email)
- Tracking of amendments and LC balance
- Rule-based checks covering the ICC Standards
- Comparison of documents against LC
- Interactive discrepancy handling including internal vs. external discrepancies
- UCP 600 integrated (https://www.icc.nl/ucp-600-documentair-krediet/)
- ISBP 745 compatible (https://www.tradefinanceglobal.com/letters-of-credit/isbp-745/)
