Surecomp, a provider of trade finance systems to banks and corporates, has signed a partnership agreement with London-based fintech Traydstream to integrate AI-powered document checking onto its trade finance platform Rivo.

Launched in May last year, Rivo is set up as a collaborative digital hub that provides open API access to importers, exporters, banks, insurers, shipping companies and solution providers, in an attempt to stitch together the patchwork of disparate digital trade and trade finance solutions into one centralised offering.

Third-party solutions already available on the platform include the Global Legal Entity Identifier (LEI) Index, which stems from a partnership between Surecomp and the foundation behind the LEI from March 2022, and Swedish fintech Enigio’s trace:original digital trade finance documentation product.

The new tie-up with Traydstream will bring document checking, sanctions screening, money-laundering detection and other compliance checks onto Rivo, which Surecomp says will enable users to “take a more proactive approach to trade-based risk management” while further enhancing a digital, sustainable trade finance process through seamless integration between Rivo and their back-office trade finance solutions.

“With trade-based fraud continuing to dominate the headlines, the need for transparency and risk management has never been greater,” says Enno-Burghard Weitzel, Surecomp’s senior vice-president of strategy, digitisation and business development. “We know that effective document checking is a critical component of a streamlined trade finance process and Surecomp customers can now significantly cut the amount of time spent on checking the multiple documents involved a trade finance transaction, while protecting themselves against risk and loss.”