Kofax Launches Global Trade Finance Solution – Digitally Transforming High Volume, Complex Document Processing
While the world is reeling from the COVID-19 crisis, alongside the trade finance gap, the role of banks and other financial entities has become crucial for the aid of traders globally.
Now, it is seen that banks and fintech companies are fully aware of their responsibility of supplying funds to traders so that the pace of international trade is not disrupted. But the efforts seem to be lacking the scale to cover the vast network of global traders.
One other crucial roadblock is scaling the digitization process far and wide and automating the transactional process. This is where the role of Kofax, a process automation software provider, comes to the fore. This time around, they have come up with a new trade finance solution.
The core of the new trade finance solution lies in the Kofax intelligent automation platform. It is the source for augmenting the automation of trade workflows.
To put it simply, the new trade finance solution removes the drudgery of screening through large patches of paperwork and updating the results in an electronic medium. With Kofax new trade solution, the entire workflow process is automated, powered by modern technologies, like AI and Machine Learning.
The time-consuming and tedious nature of the unautomated trade finance can be understood by looking into the process in which a single letter of credit transaction is completed. Normally, a single LOC requires movement of more than fifty documents between the parties. Further, the banks have to go through the entire screening process, so that they do not flout any sanction laws that are implied on anyone of the parties involved.
All in all, it is a labor-intensive and time-consuming process that limits the bank and other financial entities from scaling their operation on a larger scale, which is probably the need of the hour.
This is where Kofax custom-built trade finance solution comes to the aid. The new introduced framework improves the time-to-value component by bringing in new elements. For instance, in the new trade finance solution, the company has included pre-trained trade documents, an operational dashboard for clear and threaded insight. It also includes predefined Swift MT 700 validation rules.
Kofax has provided process automation solutions to some of the notable financial institutions before. They have a knack of introducing new innovative solutions, ranging from Robotic Process Automation to Regulatory compliance.