Related News
GTR Leaders in Trade 2023: The winners
North American banks “dominate” fossil fuel financing despite climate targets
Wells Fargo hit with sanctions fine over trade finance insourcing
GTR Leaders in Trade: The shortlist
Surecomp links up with Traydstream to bring document checking onto Rivo
Terry Hubert has left Wells Fargo to join Traydstream, a fintech company that digitalises and automates trade finance, where he will be in charge of global sales and origination.
Hubert has more than three decades of trade finance experience, most of which have been within banking. He spent the past five years as global head of insourcing and complex sales, international trade services at Wells Fargo. He has previously worked at a range of banks including JP Morgan, RBS, ABN Amro, Bank of America, Banespa (today Santander) and Barclays, as well as in the trade finance departments of RZB and Glencore.
Traydstream tells GTR the hire is part of the company’s growing go-to-market acceleration.
“He is bringing with him a strategic, disciplined approach to engaging banking and corporate clients by understanding their pain points as well as the underlying drivers,” it says.
Traydstream’s solution helps banks and corporates digitise trade finance transactions and automate document checks. It uses OCR (optical character recognition) to read, scan and structure paper-based information digitally, and leverages AI to automatically process and check the documents for anti-money laundering and compliance issues. Within many banks this is still a manual, labour-intensive job.
Last year, the fintech firm announced the conclusion of a US$3.5mn funding round to scale up its offering, and has since gone live with its first bank client in Asia. It is also working with Finnish technology firm Nokia and three banks – OP Group, SEB and Standard Chartered – to pilot the application, which the company says can reduce the average time it takes a bank to conduct a document check from four hours to minutes.
Hubert will remain based in London, where Traydstream is headquartered. The company also has offices in India, Pakistan, the UAE and Italy.
