RBS is launching a new document checking service for financial institutions that are looking to expand into foreign markets.

The Docxam service allows firms to outsource trade document checking processes to RBS over the internet.

The bank then reviews and evaluates the paperwork for potential problems, including discrepancies and errors which could slow down the trade process.

“This allows firms to correct errors earlier in the process, avoiding complications, delays and costs,” says the bank in a statement.

“This new service will result in a much faster process as well as benefitting RBS’s partner banks by increasing the level of trade finance support they can access and offer to their clients.”

The Docxam service will be sold either as a standalone product or as part of RBS’s full trade finance outsourcing service.

Adnan Ghani, RBS’s head of trade in the global transaction services division, says: “This is a real step forward and should help businesses as they look to move to new markets, or look to reduce their costs and documentary risks.

“By automating the document checking service, we can ensure that firms quickly find out if there is an issue with their forms, which will ultimately make it easier and more profitable for them as they look to trade overseas.”