HSBC, the world\u2019s leading trade finance bank, is working with IBM (NYSE: IBM) to develop a cognitive intelligence solution combining optical character recognition with advanced robotics to make global trade safer and more efficient for thousands of businesses.<\/p>\n
HSBC\u2019s Global Trade and Receivables Finance (GTRF) team facilitates over USD500 billion of documentary trade for customers every year, and in doing so must manually review and process up to 100 million pages of documents, ranging from invoices to packing lists and insurance certificates.<\/p>\n
The new solution uses IBM\u2019s advanced analytics technology, including intelligent segmentation and text analytics, to identify, digitise and extract key data within these documents before feeding it into the bank\u2019s transaction processing systems; boosting accuracy whilst freeing up staff for more value-adding activities.<\/p>\n
\u201cThe average trade transaction requires 65 data fields to be extracted from 15 different documents, with 40 pages to be reviewed,\u201d said Natalie Blyth, HSBC\u2019s Global Head of GTRF. \u201cBy digitising this process we will make transactions quicker and safer for both buyers and suppliers, leading our industry forwards, and we will reduce compliance risks through an enhanced ability to manage huge volumes of data.\u201d<\/p>\n
\u201cThe problem is how to capture semi-structured documents with highly variant content through an analogue process, and no-one has the perfect answer,\u201d said Roger Welch, Industry (Financial) Expert and Solution Architect for IBM Analytics ECM practice. \u201cIn our experience, no trade finance solution has come as far or done as much as this new solution.\u201d<\/p>\n
HSBC is currently using the technology to analyse English language import and export bills in several markets in Asia, Europe, the Americas and the MENA region. The team aims to enhance the solution so it can read a wider range of documents and languages including French, Spanish and Chinese.<\/p>\n
\u201cWe are continuously investing in technologies that will improve the way we work for the benefit of our customers and our people,\u201d said Natalie Blyth. \u201cHSBC wants to be the leading bank for innovation, and initiatives like this one are key to achieving our goal.\u201d \t<\/p>\n","protected":false},"excerpt":{"rendered":"
HSBC, the world\u2019s leading trade finance bank, is working with IBM (NYSE: IBM) to develop a cognitive intelligence solution combining optical character recognition with advanced robotics to make global trade safer and more efficient for thousands of businesses. HSBC\u2019s Global Trade and Receivables Finance (GTRF) team facilitates over USD500 billion of documentary trade for customers […]<\/p>\n","protected":false},"author":21,"featured_media":17508,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[42,9,189,21,93,427,77],"tags":[2952,2953,2954,2955,8,421,2956,2957,2958,2959,2960,2961,2962,2963],"class_list":["post-17507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-finance","category-france","category-regional-news","category-spain","category-top-stories","category-trade-logistics","category-video","tag-advanced-analytics-technology","tag-advanced-robotics","tag-cognitive-intelligence-solution","tag-digitising","tag-europe","tag-global-trade","tag-global-trade-and-receivables-finance","tag-gtrf","tag-hsbc","tag-ibm","tag-intelligent-segmentation","tag-optical-character-recognition","tag-text-analytics","tag-trade-finance-solution"],"acf":[],"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/posts\/17507","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/comments?post=17507"}],"version-history":[{"count":0,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/posts\/17507\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/media\/17508"}],"wp:attachment":[{"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/media?parent=17507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/categories?post=17507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/tags?post=17507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}