Meanwhile, the successful interaction of international banks is a basic prerequisite for secure and transparent processing of trade finance. Not only being responsible for providing financing, hedging potential risks, but also executing international payments and dealing with the increasing complexity determined by country-specific regulations. Many of these tasks are still very manual and paper-based.
“With Conpend, we are investing in an innovative solution that meets the current challenges in the area of trade finance. Remarking that 97% of all transactions are still paper-based and thereby highly error-prone and time-consuming, we are pleased to have found a strong partner in Conpend for the digitization and automation of the trade finance workflow,” explains Christoph Osburg, Investment Manager at Main Incubator.
With a focus on Trade Finance digitisation, automation and compliance, Conpend offers market leading technology to streamline back-office operations and reduce risk.
The Trafinas solution provides robotic process automation (RPA), Trade Based Money Laundering (TBML) detection and automated Document Examination based on Artificial Intelligence (AI) to extract data from unstructured text. Operating out of the Netherlands, Conpend supports a worldwide customer base in close collaboration with strategic partners.
“From the start, we have been focused on creating a practical response to business challenges in close collaboration with our clients and partners. Utilizing Trafinas will help Banks and Corporates improve efficiency and reduce risk when processing Trade Finance transactions”, said Marc Smith, Founder and CEO of Conpend.
The collaboration between Conpend and Commerzbank started in February 2018. Commerzbank’s target is to automate 80% of their trade finance processes by 2020.
“As one of Germany’s leading trade finance banks, the future of trade finance is particularly important to us. Our goal is to support our customers with our experience and expertise of many years in this Business as well as innovative, digital and secure solutions. Conpend is the ideal companion here”, reports Nikolaus Giesbert, Divisional Board Member Trade Finance & Cash Management.
Main Incubator GmbH Mainzer Landstrasse 33a 60329 Frankfurt am Main
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