In April 2020, the ICC Digitalisation in Trade Finance Working Group set up a subcommittee to specifically consider what is happening in the document checking automation space within Trade Finance. A working group consisting of representatives from banks, corporates and technology providers were invited to come up with some possible recommendations / views.
As a result of over a year’s effort, the group has produced a white-paper outlining the development and advancement of the associated technology, the consideration points for any adopter as well as a simple risk framework to contextualise the current landscape and where each bank may fit within the framework. The paper encourages all relevant entities to consider automation in this regard to help improve and make more efficient all related business processes.
This paper has been shared with all the ICC National Committees and their responses have been considered accordingly.
A copy of the paper can be downloaded here