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HSBC, IBM working for digital trade solution

HSBC and IBM are working together IBM to develop what is described as a cognitive intelligence solution to make global trade safer and more efficient. The solution would combine optical character recognition with advanced robotics. HSBC handles some $500 billion worth documentary trade for customers every year. Most of the work is manual in nature, involving some 100 million pages of documents, ranging from invoices to packing lists and insurance certificates. The proposed solution would use IBM’s advanced analytics technology, including intelligent segmentation and text analytics, to identify, digitize and extract key data within these documents before feeding it into the bank’s transaction processing systems. The bank claimed the solution will boost accuracy while freeing up staff for more value-adding activities. According to an official of HSBC, the average trade transaction requires 65 data fields to be extracted from 15 different documents, with 40 pages to be reviewed. By digitizing this process, the bank will make transactions quicker and safer for both buyers and suppliers, leading our industry forwards, and it will reduce compliance risks through an enhanced ability to manage huge volumes of data. HSBC is currently using the technology to analyze 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.

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