The Challenge: Manual Bottlenecks Slowed Trades
For a leading European bank specializing in trade finance, efficiency and accuracy were paramount. However, behind the scenes, their operations were bogged down by manual processing of import collection documents. The bank dealt with letters of credit, covering letters, invoices, and certificates of origin, each arriving in multiple formats from various exporting banks.
Employees had to manually scan scattered, unstructured data to extract critical fields such as currency, amount, and LC number before inputting them into the bank’s ERP system.
With thousands of documents processed daily, this labor-intensive workflow slowed payment approvals, increased operational risks, and made compliance checks cumbersome. As transaction volumes surged, the risk of human errors, inefficiencies, and processing delays escalated. The bank needed an intelligent automation solution to streamline its workflow, enhance accuracy, and ensure seamless trade finance processing.
