Toronto, 20 November 2024 – Surecomp today announced it commits to reducing bank guarantee processing time by thirty percent with the help of Artificial Intelligence (AI). Through the integration of AI-powered email-to-text conversion technology, the development to its collaborative trade finance RIVO™ platform aims to address the inefficient, manual guarantee text checks which are a key source of issuance delays impacting trade volumes and supply chains.
By leveraging advanced AI capabilities, RIVO™ is set to elevate the accuracy and operational efficiency of bank guarantee processing. By automatically converting key clauses of a request such as legal terms, conditions, expiry and transferability into structured text, Surecomp customers can now significantly reduce the time it takes to process emails applications, expediting guarantee issuance from days to hours. By eliminating manual guarantee text checking and reducing the operational cost of managing their trade finance requests, RIVO™ users can benefit from enhanced efficiency, improved data accuracy, security and compliance, a frictionless user experience and scalability to grow.
- Enhanced Efficiency: By automating the conversion of email content into structured text, Surecomp eliminates the need for manual data entry into RIVO™. This allows financial institutions to process and issue bank guarantees more quickly and efficiently, promoting enhanced customer satisfaction and loyalty.
- Improved Accuracy: The AI-driven solution minimizes the risk of human error, ensuring that critical information is accurately captured and processed, thereby enhancing the reliability of the bank guarantee process.
- Seamless Integration: The integration with AI technology allows for a smooth and effortless user experience, ensuring that RIVO™ customers can benefit from the new capabilities with ease and simplicity.
- Scalability: With RIVO™ designed to handle varying volumes of bank guarantee requests, making it suitable for companies of every size, the functionality promotes scalability and growth in line with user needs.
- Enhanced Compliance and Security: The automation process helps maintain regulatory compliance by ensuring accurate and timely processing of bank guarantees, with a complete audit trail for verification purposes and heightened security to mitigate the risk of fraud.
“Having analyzed millions of transactions, we have built the solution to significantly improving the quality of any bank’s trade finance operations,” says Enno-Burghard Weitzel, Surecomp’s Chief Solutions Officer. “We take great pride in leveraging cutting-edge technology to pioneer advancements in digital trade finance, delivering solutions that empower our customers. The incorporation of this email-to-text conversion which completes in less than ten seconds, is the latest testament to that.”
