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Lloyds Bank continues to innovate with AI: A strategic partnership with Cleareye.ai
A pioneer in digital trade
A few months ago, we told you about Lloyds Bank’s first transaction using an Electronic Bill of Lading (eBL). Today, the British bank is taking another step forward by announcing a new partnership with Cleareye.ai, a platform specializing in artificial intelligence for international trade. This collaboration, the first of its kind in the UK, aims to automate and optimize the processing of trade documents for the bank’s clients, relying on Cleareye.ai’s cutting-edge ClearTrade® technology.
Artificial intelligence at the service of trade
Cleareye.ai’s ClearTrade® technology, now implemented by Lloyds Bank, uses AI to extract key information from trade documents, whether digital or paper-based, including documentary letters of credit, documentary collections, undertakings, and trade loans. The tool is built on three core technologies: optical character recognition (OCR), machine learning, and natural language processing. These solutions enable the digitization of documents, simplify their processing, and accelerate compliance checks.
Moreover, this AI-powered technology will conduct automated document checks in line with the International Chamber of Commerce’s rules on documentary credits and collections. Critical checks, such as those for trade-based money laundering (TBML), will also be automated, enhancing the security and efficiency of transactions.
Simplifying and speeding up transactions for clients
Rogier van Lammeren, Head of Trade and Working Capital Products at Lloyds Bank, emphasized the importance of this innovation for clients: “We are constantly looking for ways to help our clients trade more simply, quickly, and efficiently. This partnership with Cleareye.ai allows us to streamline critical parts of the trade finance process, which is a key benefit for our clients.”
The implementation of ClearTrade® represents a significant advancement for the industry, particularly for companies that rely on international trade, as they can now benefit from faster and smoother document processing.
A strong commitment to digital transformation
This new partnership is part of Lloyds Bank’s ongoing history of UK and global firsts. In February 2024, the bank became the first in the UK to complete an entirely digital documentary collection using Electronic Bills of Lading (eBL) and digital Promissory Notes. This transformation reduced the processing time from 15 days to just 24 hours, resulting in savings on working capital costs.
In 2023, Lloyds Bank made history by becoming the first bank globally to transact under the UK’s Electronic Trade Documents Act (ETDA). In 2022, the bank also completed the UK’s first digital promissory note purchase under contractual law, leveraging the International Trade and Forfaiting Association (ITFA)’s Digital Negotiable Instrument Initiative.
A forward-looking collaboration
Mariya George, CEO and Co-Founder of Cleareye.ai, said: “Lloyds Bank is a true trailblazer in digital trade. This partnership reflects their ability to forge strategic collaborations to accelerate digital transformation. We are excited to apply our technology to their trade finance and compliance processes and look forward to seeing the benefits for their clients and teams.”
Through this collaboration and the growing adoption of digital trade instruments, Lloyds Bank continues to position itself at the forefront of banking innovation, increasingly using technology to serve its clients better.
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Source : https://cleareye.ai/lloyds-bank-partners-with-cleareye-ai-to-provide-cutting-edge-trade-finance-tech-solutions/ https://www.tradefinanceglobal.com/posts/lloyds-bank-adopts-ai-technology-for-trade-finance-operations/
