In today's world each country has different set of rules and regulations for international trade, this makes it very tough to navigate through these complexities, and it requires a thorough understanding of local regulations and the ability to ensure compliance by following guidelines. Further when it comes to identifying trade risks from the documents, it becomes even more complex.
Traditional trade finance processes often involve a significant amount of paperwork and manual handling of documents. Handling hard copy of documents is time-consuming, costlier, and there is a risk of losing them. Therefore, digital transformation is crucial to address the challenges associated with manual and paper-based processes.
By adopting digital documentation, businesses can significantly streamline document processes. Digital invoices, electronic bills of lading, digital certificates of origin and many more documents can replace their paper counterparts.
Going digital is necessary but extracting information from all digital documents may need manual interventions. Someone from operations or back-office team must read the documents, verify the information across the documents as per the guidelines and manually feed the data in the information systems. Somebody may think of using OCR however there is a need of more than OCR to get the validated data. Here comes our izDOX AI Platform.
The izDOX is an AI based platform that auto identifies and classifies trade documents. Then it auto extracts, auto validates, and processes data to identify risks from various types of documents. It can verify information across the documents as per the UCP / ISBP guidelines. It can handle documents in different formats, languages, and layouts. It can integrate with various systems and applications using API. izDOX AI platform has a partnership with IBM the platform works well on IBM cloud.
izDOX is a game-changer for trade finance transaction processing. It helps reduce risks by auto identifying the discrepancies, reduce time, efforts, manual errors and assists in compliance. It enhances customer experience and satisfaction. It helps to generate revenue and reduce losses. It can also help you gain a competitive edge in the global trade market.
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Rahul Bhanose
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