Stanbic Bank Kenya launches market-leading solution as part of its Trade Finance Digitization journey with TradeSun
Del Mar, CA – June 8, 2021 – Stanbic Bank Kenya understands that its clients operate in a fast-paced environment that requires the efficient and accurate handling of their trade finance documents. To this end, the bank embarked on a client-led journey to modernize its trade finance offering while improving client experience.
As a first in the Kenyan market and since announcing a strategic partnership with TradeSun Inc. in October 2020, Stanbic Bank Kenya has gone live with TradeSun’s solution that facilitates the automation of trade document examination.
Making the transition to an automated solution from a manual process has offered unparalleled efficiency for the bank. The processing time of documents has been reduced to 20 minutes from five hours, with staff able to focus on higher-value tasks.
The TradeSun solution leverages Artificial Intelligence (AI), Deep Learning and Natural Language Processing (NLP) technology to accelerate the bank’s documentary trade finance processes through digitalization and intelligent automation.
The system additionally provides integrated real-time compliance, counter fraud, trade-based money laundering and vessel-tracking checks with comprehensive audit trails, reporting and analytics.
Martin Azenga, Country Head of Trade at Stanbic Bank Kenya, said: “The solution enables us to operate a high degree of efficiency in our compliance function. We are able to give clients decisions faster on their documents and there has been a strengthening on the risk management side.
“Using an automated solution has meant that we are able to free up valuable time for our people to focus on tasks that truly add value to the businesses of the clients that we are serving. We are pushing the boundaries and we hope that other banks in this region follow suit because, at the end of the day, we win, and our clients win as well.”
Clients of Stanbic Bank Kenya benefit from significantly improved turnaround times for the review of trade documentation, as the bank can provide fast feedback on import and export trade documents. Export clients will be assured of cash acceleration because of reduced processing time and increased accuracy in document examination.
“We are thrilled to partner with Stanbic Bank Kenya, a financial institution embracing innovation, to support the bank in its digitization journey,” said Nigel Hook, CEO at TradeSun. “It is crucial that banks across the continent adopt intelligent solutions for compliance in order to enhance their efficiency and better mitigate risks such as mispricing and sanctions.”
About TradeSun: TradeSun is an Edison Award winning Artificial Intelligence (AI) trade finance cloud platform for financial institutions, shippers, and corporations, that powers rapid trade finance processing while simultaneously intercepting regulatory, TBML, and fraudulent infractions. TradeSun provides the on-ramp to R3 Corda Enterprise blockchain platforms by combining deep learning and symbolic AI to synthesize information from a wide variety, type and quality of complex trade documents, automating the document checking and compliance for letter of credit, bills of collection, guarantees, open account, and purchase orders. For more information, firstname.lastname@example.org | 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 too: 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.