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Blockchain-based trade finance startup Envoy announced its partnership with AI trade finance TradeSun.
In a press release detailing their partnership, Envoy and TradeSun will be working together to offer an automated document reviewing process using blockchain. Manual documentation review is still a common practice and it can take between 4 to 6 weeks to complete.
With Envoy and TradeSun’s partnership, the margin for human error is removed and document review and validation process can be completed in a matter of minutes. It reduces processing time to complete trade finance transactions while mitigating risks and fraud and accelerating the trade.
Envoy uses blockchain technologies to bring massive efficiencies to the global supply chain and trade finance. It accelerates the $17 trillion annual global trade flows into the digital age by scaling down inefficiencies and introducing powerful liquidity.
TradeSun uses artificial intelligence (AI) to automate the document reviewing process. Its technology has been in development for over a decade already and since inception, new technologies including text analytics, entity extraction, AI and NLP have been added to its offering. It has an impressive management team with experts from Trade Finance, AI, IOT, and blockchain.
“In 2020, the processes that our global trade relies on still are incredibly archaic. In order to expediate trade finance and bring it into the modern day, we need to do away with the rubber stamps and paperwork that fill it with risk,” said Lee Tarone, CEO of Envoy Group. “Faster, safer trade finance means faster, more effective business for all stakeholders.”
Nigel Hook, CEO of TradeSun, agrees that the world of trade finance involves a lot of moving parts and there are already tons of businesses that attempt to speed up the process, but it fails when it comes to manual documentation review process because it is labor-intensive, expensive, and subject to human error.
“TradeSun’s patent-pending deep learning algorithm drives the automation, digitally capturing trade documents and intelligently examining them from a compliance and Letter of Credit perspective, thereby dramatically transforming productivity and accuracy,” said Hook.
Meanwhile, Envoy Group raised $13.5 million from Alcedo Digital Ventures. It will use the money to expand its services beyond Latin America and as it explores new major trade corridors.
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