Cleareye.ai and Lloyds Bank Forge Groundbreaking Partnership to Modernize Trade Finance with AI

Cleareye.ai and Lloyds Bank Forge Groundbreaking Partnership to Modernize Trade Finance with AI

(IN BRIEF) Cleareye.ai has partnered with Lloyds Bank to enhance trade finance operations through advanced AI technology. Starting this month, Lloyds Bank will use Cleareye.ai’s ClearTrade platform, which employs optical character recognition (OCR), machine learning, and natural language processing to automate and streamline the processing and compliance of trade documents. This partnership will improve efficiency and accuracy in managing trade finance transactions and compliance checks. Lloyds Bank’s adoption of this technology follows its previous innovations in digital trade finance.

(PRESS RELEASE) LONDON, 5-Sep-2024 — /EuropaWire/ — Cleareye.ai, a leader in artificial intelligence for trade finance, has announced a groundbreaking partnership with Lloyds Bank, marking a significant milestone in the digital transformation of trade finance. As the first UK bank to adopt Cleareye.ai’s cutting-edge technology, Lloyds Bank is set to enhance the efficiency and accuracy of trade document processing and compliance reviews.

Starting this month, Lloyds Bank will integrate Cleareye.ai’s ClearTrade platform into its operations. This state-of-the-art technology leverages optical character recognition (OCR), machine learning, and natural language processing to streamline the management of trade documents, including import and export letters of credit, collections, and trade loans. The AI-powered system will also perform automated compliance checks in line with International Chamber of Commerce rules, addressing critical issues such as trade-based money laundering.

Rogier van Lammeren, Head of Trade and Working Capital Products at Lloyds Bank Commercial Banking, highlighted the significance of this partnership: “Our collaboration with Cleareye.ai is a major leap forward in simplifying and accelerating trade finance processes. By harnessing their advanced AI technology, we aim to enhance efficiency and provide greater value to our clients.”

Mariya George, CEO and Co-founder of Cleareye.ai, expressed enthusiasm about the collaboration: “We are thrilled to partner with Lloyds Bank, a pioneer in digital trade. This alliance allows us to apply our innovative technology to improve trade finance operations and compliance. We look forward to demonstrating the substantial benefits this partnership will bring to Lloyds Bank’s clients and their operations.”

This partnership underscores Lloyds Bank’s ongoing commitment to leading digital innovation in trade finance. The bank has already achieved several UK and global firsts, including the completion of the first entirely digital documentary collection and the pioneering use of digital promissory notes and electronic trade documents under the UK’s Electronic Trade Documents Act.

*OCR is the electronic or mechanical conversion of images of typed, handwritten or printed text into machineencoded text.

Notes to editors

Lloyds Banking Group support for businesses
• We support more than one million UK businesses with leading digital and relationship banking services, as they start up, grow, thrive and trade internationally.
• Through a network of relationship teams based across the UK, as well as internationally, we deliver a mix of local understanding and global expertise necessary to provide long-term support to our clients to help businesses fulfil their growth aspirations.
• We offer a broad range of finance beyond term lending which spans import and export trade finance, structured and asset finance, securitisation facilities and capital market funding.
• Our product specialists provide bespoke financial services and solutions, including tailored cash management, international trade, treasury and risk management services.

Media Contacts:

Lloyds Bank:
Lorna Gilmour
lorna.gilmour@lloydsbanking.com
020 7356 2374

Cleareye.ai:
Christoffer Eriksson
chris.eriksson@cleareye.ai.
+1 910 233 8797

SOURCE: Lloyds Bank