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Erste Group Bank AG has formed a partnership with trade finance technology provider Traydstream to automate its documentary credit operations across Central and Eastern Europe.
The Vienna-based financial service provider will implement Traydstream’s platform to process export letters of credit, amendments, and document scrutiny: areas which have traditionally required manual processing.
The partnership, announced on Tuesday at the 2024 Sibos conference in Beijing, is part of the broader industry push towards trade document digitalisation.
Traydstream’s software aids with trade and compliance checking by digitising trade documents and automatically highlighting discrepancies, using AI and machine learning.
Erste Group, which operates across seven countries, will conduct weekly reviews with Traydstream to monitor the platform’s performance against specific metrics during the pilot phase.
Sameer Sehgal, CEO of Traydstream, said: “This partnership exemplifies how digital transformation can unlock immense value for financial institutions and their clients.”
On this added value, Ivica Bogdanovic, Head of Trade Finance Sales at Erste Group, said “we anticipate reducing manual workloads while further improving the speed and foster the digital environment of our services”.
With more banks adopting specialised software solutions for trade finance operations, the race to digitalisation is increasingly becoming one in which it suffers to lag behind.
