| Developers: | HSBC, IBM |
| Date of the premiere of the system: | 2017/09/21 |
| Branches: | Trade, Financial services, investments and audit |
| Technology: | BI, trade Automation systems |
The cognitive solution for digitalization of international trade is intended for automation and simplification of processing of millions of documents which are daily used in international trade.
On September 21, 2017 the world trade and financial bank HSBC and IBM company announced work on the joint solution combining a possibility of optical character recognition and advanced technologies of robotization. It will allow is designed to optimize and increase safety of international trade.
Prerequisites
The global division of HSBC on trade and accounts receivable financing (GTRF) annually services documentary operations of the clients for the amount of $500 billion. Within this work specialists are forced to browse and process manually to 100 million pages of documents, since accounts to laid on and insurance certificates.
Features
The cognitive solution uses the advanced analytical technologies of IBM, including intellectual segmentation and the analysis of the text. These tools allow to find, digitize and take key data from documents even before their adding in banking transaction systems. Thanks to it process accuracy increases, and employees have time to be engaged in other more productive tasks, developers emphasized.
According to Natali Blit, the head of department of GTRF in HSBC bank, the commercial transaction on average requires filling of 65 data fields from 15 different documents. At the same time it is necessary to browse about 40 pages. Digitization of this process will accelerate performing transactions and will raise the security level both for buyers, and for suppliers that is represented the huge potential for development of the industry in general. Besides, thanks to the optimized management of huge amounts of data it will become possible to minimize the risks connected with compliance, Blit considers.
Development Plans
HSBC already uses the created technology for the analysis of export and import delivery notes in English in several markets of Asia, Europe, North and South America and also the Middle East and North Africa. The group of specialists is going to optimize the solution so that it allowed to process broader set of documents and languages, including French, Spanish and Chinese.
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