Singapore AI startup 6Estates collaborates with Bank Central Asia to develop an AI+RPA solution for Trade Finance

by Yahoo.com
Singapore AI startup 6Estates collaborates with Bank Central Asia to develop an AI+RPA solution for Trade Finance
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The Next Step in Efficiency for Trade Finance Processing

6Estates, an Artificial Intelligence (AI) company that focuses on back office intelligence automation in the finance domain, announced today that it is jointly collaborating with Bank Central Asia (BCA) to develop a solution, LC Automize. LC Automize automates manual document and compliance check based on International rules (Uniform Customs and Practice for Documentary Credits (UCPDC)) and International standards (International Standard Banking Practice (ISBP)) for Letter of Credit's documents analysis, by combining AI and Robotic Process Automation (RPA) technologies in trade finance operations.

BCA is driven to involve automation into their trade finance to reduce human dependency, cut down on operational and compliance risk, scale for competitive advantage and be more agile in serving their clients. LC Automize can also strategically reduce the turnaround time to process each application which allows BCA to grow its trade finance business exponentially without facing scalability problems.

With LC Automize, BCA's efforts to transit staff members to more cost-effective venues will enable the organisation to redeploy resources to activities that create greater value for its clients and increase productivity internally. In the beginning of adopting the solution, 6Estates aims to reduce the current manual process by 30%. Time reduction will increase as the accuracy of the solution is refined with each retraining done half-yearly.

"AI and robotics play a key role in driving process efficiencies, improving quality and scalability. By allocating these laborious, manual tasks from human to machine, BCA will be able to significantly reduce the need for human involvement, which has a direct impact on everything from performance to staffing issues and expenses," said Dr Luan Huanbo, Co-Founder and CEO of 6Estates.

LC Automize is an intelligent RPA solution powered by 6Estates' state-of-the-art AI technologies and domain knowledge of UCPDC & ISBP banking rules. In the past 2 years, Machine Reading Comprehension (MRC) technology has progressed significantly to be comparable to a human's comprehension capability. 6Estates has worked on MRC technology since its inception in 2014 and over the years, the technology has progressed to be equivalent, if not better than the research world. Besides winning top competitions, 6Estates has also implemented MRC technology in multiple languages for other applications such as the financial report analysis solution.

6Estates believes that solutions similar to LC Automize will integrate smoothly with existing business processes and complement banks' existing legacy systems. Banks can leverage on AI and robotics to eliminate minimal value work without a significant overhaul of their underlying systems and increase efficiency through automated workflows. Automation has the potential to alleviate staff from laborious and repetitive tasks and focus on industry knowledge and expertise to create greater value.

Read more: https://finance.yahoo.com/amphtml/news/singapore-ai-startup-6estates-collaborates-004500622.html

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