Bolero International, a provider of trade finance digitisation solutions, is partnering with fintech player Traydstream in a bid to automate document checks for its corporate and bank customers.

The alliance means that users of Bolero’s open platform – which is designed to enable paperless trading between buyers, sellers, logistics companies, banks, agencies and regulatory authorities anywhere in the world – can now use Traydstream’s tools to validate transaction documents against underlying transactions as well as various regulations.

Traydstream’s solution uses OCR (optical character recognition) to read, scan and structure paper-based information digitally – essentially digitising the full trade transaction. It then uses AI to automatically process and check the documents against a library of tens of thousands of global and regional trade finance regulations and rules. Utilising semantic analysis techniques, the engine can quickly check all trade data for a range of issues – blank fields, the inconsistency of names, industry-specific legislation, sanctions and country restrictions.

As part of this new agreement, exporters will be able to pre-check their documents prior to submission to their banks, substantially reducing the likelihood of rejection and fee-incurring delays. In the same manner banks will be able to run automatic discrepancy checks on the millions of trade documents they process, making substantial savings in both time and money.

“This landmark partnership with Traydstream is another significant development for Bolero and is in line with Bolero’s strategic ambition to enable third parties to provide value added services to the global Bolero client base,” says Anchal Tiwari, vice-president of product management and strategy at Bolero, who joined the firm earlier this year to drive product development and adoption. “Integrating Traydstream’s document checking service will be a great advantage for all our corporate and bank customers, helping them to save time and mitigate risk exposure while reducing costs.”