LC AUTOMIZE

Trade finance is a very document and human intensive process. Especially, processing Letter of Credit (LC) in banks are 100% manual. LC supporting documents usually comprises of multiple unstructured documents like MT700, Bill of lading, invoices, Bill of Exchange, etc. All these documents are in different layout and format. LC also involves many international trade rules and standards like UCP and ISBP to be checked and verified which today requires many human checkers with strong domain knowledge. Therefore today banks need to put multiple human checkers to process each letter of credit case to avoid human errors. Each human check takes at least 40 mins to process one case. Therefore it is very time-consuming and repetitive.

Powered by 6Estates’ state-of-the-art Machine Reading Comprehension (MRC) and Optical Character Recognition (OCR) technologies as well as domain knowledge of UCP & ISBP banking rules, LC Automize is an AI engine which is able to read LC documents, understand them, extract key information and conduct the rules check automatically. It can greatly reduce the dependency of human LC document checkers to conduct first-level document checks and reduce turnaround processing time to enable the bank to scale up its trade finance operations exponentially.