Standard Bank goes live on Traydstream platform
- On December 15, 2020
- By GrowthInvest Marketing
Standard Bank South Africa has become the first bank in the country to go live on the Traydstream platform. The move to Traydstream, which was completed on November 5, will create efficiencies in Standard Bank’s trade process and will continue to set it apart in the trade environment.
Traydstream digitises documents such as the Letter of Credit, Foreign Bills of Collections and Open Account Trade Finance.
The solution automates document checking, clause matching, rules and compliance verification processes using cutting edge machine learning and Optical Character Recognition technology.
“This partnership is an important first for trade at Standard Bank,” says Thandiwe Legwaila, Standard Bank Head of Trade for South Africa. “It is an integral step in our journey to provide a fully digital, trade experience to our clients. Making the move to digital platforms has become extremely important, as banks look for more efficient and productive ways of conducting business.”
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