Automated Document Reviewing “Now Available in Minutes”

Envoy Group has teamed up with TradeSun to offer an automated document reviewing process which, it claims, will significantly reduce the time taken to complete trade finance transactions.

Manual documentation review processes, which are still common practice in trade finance, can take 4-6 weeks to complete and have very little protection against double-entry fraud and human error. This partnership allows Envoy’s clients to remove the margin for human error and complete the document review and validation process in a matter of minutes – helping mitigate risk and fraud whilst expediating global trade.

Envoy uses blockchain technologies to bring efficiencies to global supply chain and trade finance. Built on enterprise software firm R3’s Corda blockchain platform, Envoy says it accelerates the $17 trillion annual global trade flows into the digital age by reducing inefficiencies and injecting vital and once-unattainable liquidity.

TradeSun uses AI to automate the document reviewing process. Its technology has been in development for more than 10 years. Since inception, technologies such as text analytics, entity extraction, AI and NLP have been added to its offering. It has a management team with over 100 years of Financial Services Experience and includes experts in Trade Finance, AI, IOT and Blockchain.

Lee Tarone (above), CEO of Envoy Group, commented: “In 2020, the processes that our global trade relies on still are incredibly archaic. In order to expediate trade finance and bring it into the modern day, we need to do away with the rubber stamps and paperwork that fill it with risk. Faster, safer trade finance means faster, more effective business for all stakeholders.”