Trade Finance

The bank received 400 to 500 transaction requests daily in the form of unstructured data, which created a high volume of manual work for the operations team. The process was controlled by one large document, which referenced 20 different sub-documents. There was no system for tracking the data, monitoring employee performance or ensuring procedural governance. Because of regulatory requirements, the trade finance process contained 45 compliance checks, such as identifying fields which exist in multiple documents. With steadily rising volumes, accuracy was eroding and operations was under pressure to reduce costs.