Pioneering Fintech Traydstream Enters Landmark Partnership
Added: (Fri Aug 04 2017)
Pressbox (Press Release) -
New fintech company Traydstream has established a landmark partnership with industry leader PFU Limited, a subsidiary of Fujitsu, and the makers of Fujitsu scanners. As partners with Traydstream, PFU will add world-class scanning services to Traydstream’s core offer of digitising Trade Finance. Traydstream has also begun a relationship with Lloyd’s List Intelligence the premier global maritime intelligence service; the firm will work with Traydstream to provide clients with access to their unique global intelligence network. This represents the next phase in Traydstream’s expansion as global vessel–tracking and industrial scanning are incorporated into the company’s end-to-end digital solution for Trade Finance. These capabilities will be tested in the upcoming pilots, scheduled with banks over Q3 and Q4 (the 3rd and 4th financial quarters) of 2017.
Traydstream’s CTO (Chief Technology Officer) said of the partnership: “There is a natural synergy between Traydstream and PFU, with the scanning of trade documentation being a fundamental step in the road to Trade Finance’s automation. We are delighted to be partnering with a world leader in document scanning technology.”
Using proprietary Optical Character Recognition (OCR) software, Traydstream digitises banks’ and large corporations’ paper-based trade documentation, smartly extracting and structuring data before machine learning algorithms can be applied to scrutinise and verify for regulation and compliance. Fujitsu brand scanners are designed, manufactured and marketed worldwide by PFU Limited, a wholly owned subsidiary of Fujitsu Limited (Japan). PFU has been engaged in the document scanner business for over 25 years, generating an annual turnover of over $1 billion, and is one of the world’s leading document scanner companies. Traydstream have also become a member of PFU’s Imaging Alliance Programme.
“The Traydstream partnership is the latest example of how we use co-creation and partnership to meet the industry-specific needs of our end customers and deliver excellent value,” said Mike Nelson, Senior Vice President at Fujitsu subsidiary PFU (EMEA) Limited. “Each vertical market has its own specific needs and expectations and with our many years of know-how in providing professional scanners for the finance sector combined with Tradystream’s solutions, customers can benefit from seamless integration and an exceptional user experience.”
In working with Lloyds List Intelligence, the premier Global Marine Intelligence service, Traydstream will receive and utilise real-time data as part of its compliance engine. Chief Knowledge Officer at Traydstream and Head of Strategic Partnerships, Matteo Bocchi Bianchi, said of the arrangement: “Lloyds List Intelligence make up the most complete body of global maritime intelligence, utilising a unique network of people, coverage stations, and satellite systems; this represents a landmark event in financial regulation and compliance.” Lloyds List Intelligence will work with Traydstream to provide clients with access to this global network of specialist maritime data, including real-time AIS (Automatic Identification System) tracking of shipping vessels, vessel characteristics and cargo information. This will augment Traydstream’s compliance engine which is designed to aid banks and large corporations scrutinise their digitised transaction data for compliance with the AML (Anti-Money Laundering) policies and trade regulations that govern world trade such as the UCP and ISPB rules, and the EU Dual Use Goods Sanctions List.
The Traydstream solution is in part an answer to the massive financial burdens born by banks since the financial crisis, with Business Insider estimating that the annual volume of regulatory changes, publications and announcements rose 492% from 2008-2015.