City National Bank pilot successfully completed
TradeSun automates CNB Trade Services with remarkable results
San Diego, CA – December 27, 2019 – TradeSun announces the successful completion of a Trade Services automation pilot with City National Bank (CNB), a subsidiary of RBC. This pilot leverages TradeSun AI deep learning technology for Documentary Credit and Bills for Collection.
The on-site bank trial lasted five weeks and demonstrated the “out of the box” power of the TradeSun cloud solution in flagging document discrepancies in letters of credit and flagging potential compliance hits and fraud. The TradeSun Analytics Dashboard showed efficiency gains from the trial that exceed 320% in Letter of Credit processing time. Additionally, the trial processed export bills for collection and showed an efficiency gain of 120% while flagging potential compliance hits.
CNB was delighted with the Pilot results, as was TradeSun. Nigel Hook, CEO of TradeSun Inc., stated, “The efficiency improvements underscore the power of AI in the Trade Finance arena. With document learning improving to 90% over the period of the trial, we saw the true potential of the AI learning capabilities.” Hook added that TradeSun is in active discussion and is commencing trials in Q1 20 with a number of Trade Finance banks and software vendors. “We are pleased to see the efficiency and control improvements demonstrated and proven during the pilot and look forward to even greater strides in the weeks to come.”