Corporate TreasuryFinancial Supply ChainHSBC, IBM work on AI for global trade

HSBC, IBM work on AI for global trade

The global bank has joined forces with the tech giant in developing cognitive intelligence technology.

HSBC is working towards the introduction of artificial intelligence (AI) to global trade, by applying IBM’s optical character recognition and cognitive technology to automate the processing of paper documents in trade finance transactions. The solution employs several IBM tools, including optical character recognition, to identify relevant documents and read the information to find the parts required before feeding the insights back to the bank’s transaction processing systems.

The technology can analyse the 100m documents that HSBC’s global trade and receivables finance (GTRF) team currently processes annually to service customers, enabling staff to focus on other areas of their job instead of manually reading through invoices, packing lists and insurance documents. “The average trade transaction requires 65 data fields to be extracted from 15 different documents, with 40 pages to be reviewed,” said Natalie Blyth, HSBC’s global head of GTRF.

“By digitising this process we will make transactions quicker and safer for both buyers and suppliers, leading our industry forwards, and we will reduce compliance risks through an enhanced ability to manage huge volumes of data.”

The technology is currently used for English language transactions across Asia, Europe, North America and Latin America. As the platform becomes more intelligent HSBC plans to introduce further languages over coming months, including French, Spanish and Chinese.

Related Articles

Green bond demand continues to rise as ESG returns grow

Corporate Treasury Green bond demand continues to rise as ESG returns grow

3w Aaran Fronda
Trade finance gap remains a significant issue, survey finds

Financial Supply Chain Trade finance gap remains a significant issue, survey finds

1m Austin Clark
Navigating volatility: a proactive approach

Financial Supply Chain Navigating volatility: a proactive approach

1m Kerstin Braun
Brexit could push payment terms over the edge for thousands of small businesses

Accounts Payable Brexit could push payment terms over the edge for thousands of small businesses

3m Paul Christensen
The methods and tactics behind risk and control self assessment

Operational Risk The methods and tactics behind risk and control self assessment

3m Nash Riggins
Improve working capital – but not at the cost of your suppliers

Supply Chain Finance Improve working capital – but not at the cost of your suppliers

6m Daniel Windaus and Paul Christensen
Game-change: how unlocking working capital can drive growth

Supply Chain Finance Game-change: how unlocking working capital can drive growth

7m The Global Treasurer
A lifeline for business: Supply Chain Finance in the spotlight

Supply Chain Finance A lifeline for business: Supply Chain Finance in the spotlight

8m The Global Treasurer

Whitepapers & Resources

Are You Ready to Implement your GRC Solution?

Are You Ready to Implement your GRC Solution?

4w
Netting: An Immersive Guide to Global Reconciliation

Netting: An Immersive Guide to Global Reconciliation

3m
Mitigating Costs and Exposure - A Multilateral Netting White Paper

Mitigating Costs and Exposure - A Multilateral Netting White Paper

3m
Cyber Fraud and Treasury - How to Stay Ahead of Emerging Threats

Cyber Fraud and Treasury - How to Stay Ahead of Emerging Threats

3m