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Kofax Trade Finance Solution: Improving Operational Efficiency and Compliance

Many financial institutions have already done a lot of work to streamline operations with the technology available to them. But as we discussed in a recent webinar, the digitization of trade finance processes is complex and convoluted, thanks to the massive volume of documents per transaction, constantly changing regulations and sanctions and the number of parties and systems involved.

This is where financial institutions can leverage intelligent automation to minimize manual, time consuming and costly activities. It takes some of the burden off their workers with an AI-enabled digital workforce, so human workers are empowered to be more productive and focus on higher level tasks. Built on the Kofax Intelligent Automation Platform, the Kofax Trade Finance Solution Framework enables financial institutions to increase operational capacity, rapidly respond to changing regulations, decrease errors and gain visibility into internal processes.

What is the Trade Finance Solution Framework?

The Trade Finance Solution Framework is a flexible, modular framework for collecting, processing and managing trade transactions with configurable processing rules. It’s preconfigured for processing the most common trade documents, but also extensible, allowing organizations to use the framework as part of their end-to-end solution as they see fit.

Because trade finance processes are very document centric, the framework offers machine learning document automation for collecting transaction and sanction screening data required for processing. It automates the validation of transaction data to ensure accuracy, completeness and compliance. It offers options for delivering transaction data to downstream processing systems, like core trade systems or external sanctions screening authorities for transaction completion. Included real-time and historical operational dashboards provide visibility into the end-to-end trade process.

The framework automates two main components of trade finance:

  1. Automating the collection of trade-related data — Involves capturing all required documents quickly and accurately, examining the documents to review against the MT700 SWIFT messages, auto-indexing, and validating to ensure all required information is collected and data is formatted correctly for downstream processing.
  2. Improving the efficiency of the document examination process — Starting with interpreting and validating against MT700 SWIFT message data, automating the often-manual process of document scrutiny and matching, and proceeding with Sanction Screening activities by leveraging data previously collected from documents and any additional data identified which is matched against any pre-screened and blacklisted data automatically.

Financial institutions can rely on the Trade Finance Solution Framework to:

  • Improve trade processing speed and operational scale
  • Lower labor costs associated with processing trade finance documents
  • Improve compliance and reduce risk of exposure
  • Improve operational visibility and provide an end-to-end audit trail

Watch the full webinar to learn more and see a demonstration of our Trade Finance Solution in action.