Cleareye.ai operates a platform that aims to automate as much of the trade finance process as possible including document analysis and compliance.
JP Morgan is already a Cleareye customer, and for the last year it has been using the fintech’s ClearTrade platform to map data from the nearly 4 million documents it receives annually directly onto the back’s back-office systems.
The strategic alliance between Cleareye and JP Morgan’s trade and working capital group comes at a time when the trade finance market is undergoing a digital transformation in a bid to reduce the amount of manual processes in what is a heavily paper-based market.
“Future proofing trade operations has been at the forefront of J.P. Morgan’s digital strategy in Trade & Working Capital,” said James Fraser, global head of trade & working capital for JP Morgan.
“A manually intensive industry loaded with paper and lacking standardization, burdened by an increasing cost base, needs real innovation in order to transform.”