Stanbic Bank Kenya signs a partnership with TradeSun to implement Artificial Intelligence in documentary trade finance
The partnership will accelerate Stanbic Bank’s goals for documentary trade finance digitalization and intelligent automation.
Nairobi, October 1, 2020 – Stanbic Bank Kenya has today announced a strategic partnership with TradeSun that will help automate core functions in documentary trade finance. The solution will allow the bank to leverage on TradeSun’s Artificial Intelligence (AI) driven Deep Learning and Natural Language Processing (NLP) Technology to accelerate documentary Trade Finance processes through digitalization and intelligent automation. In addition, it will allow the bank to integrate real-time compliance, counter-fraud, trade-based money laundering and vessel tracking checks with comprehensive audit trails, reporting and analytics.
Commenting at the Global Trade Review (GTR) East Africa virtual event that kicked off today Country Head of Trade at Stanbic Bank Kenya, Martin Azenga noted, “We have undertaken a review of our business and operating model to ensure that we serve our clients more effectively and efficiently. This alliance with TradeSun demonstrates Stanbic’s strong intent to modernize our trade finance offering whilst improving the client experience across all customer segments.”
The solution will among other things improve the accuracy and time taken to review trade documentation, enabling the bank to provide customers with accelerated feedback on the fate of their trade documents. The bank will benefit from significantly improved efficiencies while simultaneously being assured of enhanced risk management.
Nigel Hook, CEO of TradeSun was noted saying, “Stanbic Bank Kenya is a forward-thinking trade bank, an ideal partner to launch TradeSun in Africa. Our trade finance and technology experts look forward to improving efficiency and speeding up processing times.”
With the digital economy putting new demands on the banking industry, Stanbic is fully immersed in a digital transformation journey. The digital transformation agenda is playing a critical role in redesigning the entire operations of the Bank, through innovation of products, services and channels. The Bank’s technological journey is client led and driven, constantly improving on systems, processes and solutions to ensure that the client experience is better and simpler.
Through this partnership, Stanbic is at a better position to provide complete solutions and increasingly rely on trusted partner organisations in her ecosystems – including non-financial services groups – to fulfil the needs of clients.
For more information please contact:
Catherine Njoroge, External Affairs & Communications Manager
Tel: +254 (700) 304 024 | Fax: +254 (20) 310601 | Email: NjorogeC@stanbic.com |
For further information go to www.stanbicbank.co.ke
Wyn James, Senior Vice President
Tel: +6594333027 | Email: Wyn@TradeSun.com
Janna Baer, Product Marketing Director
Tel: +1 416.648.5702 | Email: JBaer@TradeSun.com
For further information go to www.tradesun.com
About Stanbic Bank Kenya:
Stanbic Bank Kenya is a member of the Standard Bank Group, Africa’s largest bank by assets.
Standard Bank Group’s largest shareholder is Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. Standard Bank Group has direct, on-the-ground representation in 20 African countries.
Stanbic Bank Kenya provides the full spectrum of financial services. It’s Corporate and Investment Banking division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate and Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.
Stanbic Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in oil, gas and renewables; power and infrastructure and agriculture.
With regard to personal and business banking, Stanbic Bank Kenya offers banking and other financial services to individuals and small-to-medium enterprises. This unit serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.
Stanbic Bank also offers wealth services and product offerings, including insurance, investment, fiduciary, bespoke banking and multi-generational wealth preservation solutions to high net worth individuals, retail, business, commercial, and corporate clients across the Bank’s footprint.
TradeSun Inc. Del Mar, CA (www.tradesun.com) is an Edison Award winning Artificial Intelligence (AI) and patent pending trade finance cloud platform that powers the quick processing of trade finance contracts while simultaneously intercepting regulatory and fraudulent infractions. TradeSun combines Deep Learning and Natural Language Processing (NLP) to synthesize information from a wide variety, type and quality of complex trade documents, transforming the document checking and verification process in letters of credit, bills of lading, corporate pre-check and purchase orders. These award-winning capabilities enable financial institutions, shippers and corporations to automatically digitalize, authenticate, verify and conduct compliance, AML screening and fraud checks, reducing costs and improving controls.