AI Case Study

Commerzbank plans to automate 80% of pre-compliance checks for trade finance transactions using machine learning

Commerzbank will leverage machine learning technology from Conpend to automate around 80% of its pre-compliance and compliance checks of its trade finance processes by 2020. The vendor uses Optical Character Recognition (OCR) for extracting data from physical documents and identifying deviations. The bank is starting the programme with a pilot intended to focus on anti-money laundering processes.

Industry

Financial Services

Banking

Project Overview

"Commerzbank is to apply machine learning technology from Amsterdam-based Conpend to automate pre-compliance checks for traditionally paper-based trade finance transactions.

The German lender says it plans to automate around 80% of the selected compliance relevant checks of the bank’s trade finance processes by 2020, beginning with a pilot phase for anti-money laundering processes.

Conpend uses optical character recognition (OCR) and progressive machine learning to extract data from physical documents, recognise patterns and flag deviations. The technology uses application programming interfaces (APIs) to connect to Commerzbank’s existing trade finance processing infrastructure, creating a detailed audit trail for regulatory reporting.

Enno-Burghard Weitzel, head of product management trade services at Commerzbank, says: “The processing of trade finance transactions is becoming more complex and prone to higher risks, as manual processes struggle to keep pace with the increasing regulatory and market trends. Our aim is to focus the expertise of our trade finance specialists to the crucial and complex parts of the business, while using artificial intelligence to improve efficiency and further optimise risk controls”."

Reported Results

Planned; results not yet available

Technology

"Conpend uses optical character recognition (OCR) and progressive machine learning to extract data from physical documents, recognise patterns and flag deviations. The technology uses application programming interfaces (APIs) to connect to Commerzbank’s existing trade finance processing infrastructure, creating a detailed audit trail for regulatory reporting."

Function

Legal And Compliance

Compliance

Background

Financial institutions are leveraging artificial intelligence to automate repetitive tasks.

Benefits

Data

data from Commerzbank’s existing trade finance processing infrastructure