Citi has announced it will collaborate with Traydstream, a leading provider of innovative trade documentation solutions to provide clients with access to a cutting edge and automated trade-document processing capability.
The collaboration provides clients with an opportunity to leverage a vast array of pre-loaded document types and an innovative rules engine that automates the processing steps. The result is an opportunity for clients to make a step change in scalability, reducing manual process risk and cost along the way.
Citi recognises the complexities and challenges faced by businesses engaged in cross border trade and is committed to delivering innovative solutions to address them through innovative collaborations. Traydstream provides cloud-based automated document checking solutions that help accelerate previously time-consuming trade procedures, such as letters of credit and collections.
Also Read: Valor PayTech Appoints Daniel O’Connell- Payments and Fintech Veteran as new Chief Financial Officer
In a world where international trade is crucial to global economies the timely and efficient management of documentation is imperative. Working together, Citi and Traydstream will look to streamline the review and examination of documentation in accordance with documentary credit terms, to assist in mitigating risks, reducing operational load and, ultimately, cost.
“Citi’s collaboration with Traydstream underscores our commitment to providing clients with the most advanced tools and technologies to facilitate trade. The reliance on paper in the Trade industry needs to reduce and we see the next few years to be transformative for the business as we make our industry more environmentally friendly,” said Valeria Sica, Global Trade Data, Partnerships and Innovation Head at Citi.
Sameer Sehgal, CEO at Traydstream said, “We are excited to work with Citi. The Traydstream platform combines cutting edge machine learning capabilities with a distinct rule engine, that constantly learns and evolves, as well as an innovative trade compliance checking solution set. The platform is cloud-based, and deploys security features, while being both vertically and horizontally scalable.”
SOURCE: Businesswire