News

TradeSun®, Inc. joins Contour Pte. Ltd platform in trade finance initiative

TradeSun®, Inc. joins Contour Pte. Ltd platform in trade finance initiative

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Del Mar, CA – November 12, 2020Contour, the trusted network for global trade, announces partnership with TradeSun, provider of an automated blockchain on-ramp, to simplify the handling and authentication of paper-based documents into R3 Corda.

Contour is a global network of banks, corporates and ecosystem partners working together to transform trade finance. Through removing barriers in the trade ecosystem, Contour is building a new global standard, where everyone can collaborate seamlessly on one platform. Contour’s initial offering – a digital Letter of Credit (LC) solution – reduces the processing time of LC presentations by up to 90%: from 10 days to 24 hours.

Utilizing advanced sciences to homogenize disparate documents not in the blockchain, TradeSun alleviates the labour-intensive process by digitalizing those documents and checking compliance to further reduce the time it takes to process Letters of Credit.

Contour and TradeSun’s collaboration will help streamline trade processes in key regions – including the African continent where innovation can provide greater access for banks and businesses wishing to trade.

Carl Wegner, CEO of Contour: “The transactions on our network are only part of our dedication to developing a workable ecosystem. To make international trade better for the future, we need to establish effective partnerships with other organisations looking to change the industry. Collaboration with TradeSun is a prime example of this, allowing us to improve the overall process of trade finance.”

Nigel Hook, CEO of TradeSun: “Both companies recognize that technology will open the doors in markets which have previously been hampered by the slow, duplicative, and expensive processes needed to complete trade transactions. The 2nd largest continent, Africa, is endowed with plentiful natural resources and 1.3 billion people, but has only 2.3% of the global market. The Contour with TradeSun platform will fuel the economies by uniting their countries on the R3 Corda blockchain platform.”

Contacts:

Contour:
+44 20 7 440 9780
contour@chatsworthcommunications.com
TradeSun Communications: 
+1.800.481.3282
info@tradesun.com 

 

About Contour: Contour is a blockchain-based open industry platform to create, exchange, approve, and issue Letters of Credit on Corda, R3’s blockchain platform. The eight founding member banks are Bangkok Bank, BNP Paribas, CTBC, HSBC, ING, Natwest, SEB and Standard Chartered. Contour will improve the trade finance process by simplifying Letters of Credit, delivering shorter settlement times, instant discrepancy resolution and simplified sanctions screening. Contour is inviting banks, technology partners, and corporates to join the network. contour@chatsworthcommunications.com | Contour.trade

About TradeSun: TradeSun is an Edison Award winning Artificial Intelligence (AI) and patent pending trade finance cloud platform for financial institutions, shippers, and corporations, that powers the quick processing of trade finance contracts 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.

info@tradesun.com | TradeSun.com

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Stanbic Bank Kenya signs a partnership with TradeSun to implement Artificial Intelligence in documentary trade finance

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.

 

 

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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.

 

About TradeSun:

 

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.

 

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TradeSun Appoints Chief Operations Officer

TradeSun Appoints Chief Operations Officer

Andy Hindley joins TradeSun as Chief Operations Officer

 

San Diego, CA – August 21, 2020 – Andy Hindley joins TradeSun as Chief Operations Officer. Andy will be responsible for all operational aspects of TradeSun. He will be focused on infusing the streamlined structure and governance.

Andy went to Manchester University to study Physics and Electronics, specializing in Astro and Nuclear physics and after graduating spent the next ten years as a professional sportsman competing at the top level in sailing which included two round the World races.

Andy took his leadership skills into the business side of international sports, leading operations and logistics for the Volvo Ocean Race. As COO for Americas Cup, based out of San Francisco got to work with Larry Ellison (https://en.wikipedia.org/wiki/Larry_Ellison). After that series was successfully completed Andy became COO of Land Rover BAR working directly for CEO Martin Whitmarsh (https://en.wikipedia.org/wiki/Martin_Whitmarsh) and closely with Sir Ben Ainslie. For the past three years Andy was CEO for Yorkshire 2019, delivering the road cycling World Championship where he reported to Board Chair Chris Pilling (who is on the Board of Barclays Bank).

 

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TRADESUN NAMED A SILVER WINNER OF THE 2020 EDISON AWARDS

TRADESUN NAMED A SILVER WINNER OF THE 2020 EDISON AWARDS

San Diego, CA – April 8, 2020 – The Edison Awards winners were announced on April 8, 2020. TradeSun took the silver award for the Innovative Services, Financial Solutions category.

The Edison Award is one of a number of awards and nominations that TradeSun has had the honor of receiving over the course of this year, marking a grand entrance into the Trade Finance space as a breakout software solution. This proprietary machine learning platform has quickly established itself as a leader in AI driven document matching and compliance checking for the trade finance industry. Being recognized by the Edison Awards for their innovative technology helps to solidify TradeSun’s reputation as a major player in the area of document processing automation.

Among the nomination entries comprising the best products, services, and businesses in innovation for the year 2020, TradeSun was chosen as a winner by a panel of over 3,000 leading business executives from around the world. “After a thorough review, the Edison Awards Judges recognize TradeSun as a game-changing innovation standing out among the best new products and services launched in their category,” said Frank Bonafilia, Executive Director of the Edison Awards.

About the Edison Awards: The Edison Awards is the world’s most revered Innovation Award dedicated to recognizing and honoring the best in innovation and innovators since 1987. For more information about the Edison Awards complete program and a list of past winners, visit www.edisonawards.com.

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Envoy teams up with TradeSun to offer AI document processing

Envoy teams up with TradeSun to offer AI document processing

Document validation and review can now be done in minutes, instead of 4-6 weeks

London & Latin America, 07 April 2020: Today, Envoy Group announces that it has teamed up with TradeSun to offer an automated document reviewing process which will significantly reduce the time taken to complete trade finance transactions.

Manual documentation review processes, which are still common practice in trade finance, can take 4-6 weeks to complete and have very little protection against double-entry fraud and human error. This partnership allows Envoy’s clients to remove the margin for human error and complete the document review and validation process in a matter of minutes – helping mitigate risk and fraud whilst expediating global trade.

Envoy uses blockchain technologies to bring massive efficiencies to global supply chain and trade finance. Built on enterprise software firm R3’s Corda blockchain platform, Envoy accelerates the $17 trillion annual global trade flows into the digital age by reducing inefficiencies and injecting vital and once-unattainable liquidity.

TradeSun uses AI to automate the document reviewing process. Its technology has been in development for more than 10 years. Since inception, technologies such as text analytics, entity extraction, AI and NLP have been added to its offering. It has a management team with over 100 years of Financial Services Experience and includes experts in Trade Finance, AI, IOT and Blockchain.

TradeSun is the latest integration into the Envoy platform, following a successful $13 million raise and launch at the start of 2020. The firm also announced a partnership with KYC Hub earlier this month.

Lee Tarone, CEO of Envoy Group, has commented: “In 2020, the processes that our global trade relies on still are incredibly archaic. In order to expediate trade finance and bring it into the modern day, we need to do away with the rubber stamps and paperwork that fill it with risk.

“Faster, safer trade finance means faster, more effective business for all stakeholders.”

Nigel Hook, CEO of TradeSun, has commented: “The world of trade finance has a myriad of moving parts and countless businesses trying to accelerate the process. All of these parts grind to a crawling pace once they reach the manual documentation review process. This is incredibly labor intensive, expensive, and is also subject to human error.

“TradeSun’s patent-pending deep learning algorithm drives the automation, digitally capturing trade documents and intelligently examining them from a compliance and Letter of Credit perspective, thereby dramatically transforming productivity and accuracy.”

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About Envoy

Envoy uses blockchain technologies to bring massive efficiencies to global supply chain and trade finance. Built on enterprise software firm R3’s Corda blockchain platform, Envoy accelerates the $17 trillion annual global trade flows into the digital age by reducing inefficiencies and injecting vital once unattainable liquidity. It is designed to integrate seamlessly with legacy data systems and all third party blockchains, enabling buyers and sellers, to manage global trade logistics, and to find new

funding sources supported as result of trust. Envoy recently accelerated its expansion following a $13 million institutional investment committed from Alcedo Digital Ventures.

Website: https://envoychain.io

About TradeSun

TradeSun is an Edison Award winning Artificial Intelligence (AI) and patent pending trade finance cloud platform that powers the quick processing of trade finance transactions while automatically identifying compliance and AML issues and potential fraud. TradeSun combines deep learning and Natural Language Processing (NLP) to synthesize information from a wide variety, type and quality of complex trade documents such as bills of lading and purchase orders for open account transactions. It transforms the document checking and verification process in letters of credit and documentary collections and simplifies the corporate pre-check process. 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.

Website: https://www.TradeSun.com

Press contacts

Christopher Flame, Yellow Jersey:

Tel: (+44) 7889 297 217 Email: Christopher@yellowjerseypr.com

 

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TradeSun Announced as a Finalist in Innovative Services in the 2020 Edison Awards

TradeSun Announced as a Finalist in Innovative Services in the 2020 Edison Awards

San Diego, CA – February 11, 2020 – TradeSun has been named a finalist in Innovative Services for the 2020 Edison Awards. The Edison Awards, named after Thomas Alva Edison, recognizes and honors the world’s best innovations and innovators. The Edison Awards will announce the winners of the gold, silver and bronze award winners in April 2020.

The Edison Award is one of a number of awards and nominations that TradeSun has had the honor of receiving over the course of this year, marking a grand entrance into the Trade Finance space as a breakout software solution. This proprietary machine learning platform has quickly established itself as a leader in AI driven document matching and compliance checking for the trade finance industry. Being recognized by the Edison Awards for their innovative technology helps to solidify TradeSun’s reputation as a major player in the area of document processing automation.

All nominations are reviewed by the Edison Awards Steering Committee and the final ballot sent to an independent judging panel. The judging panel was comprised of more than 3,000 professionals from the fields of product development, design, engineering, science, marketing and education, including professional organizations representing a wide variety of industries and disciplines.

For more information on the Edison Awards, please visit www.edisonawards.com. Applications for the 2021 awards will open in August 2020.

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TradeSun Shortlisted for GTR Leaders in Trade Awards

TradeSun Shortlisted for GTR Leaders in Trade Awards

GTR recognizes TradeSun on the short list for Best Fintech Startup

San Diego, CA – February 11, 2020 – Nigel Hook, TradeSun CEO and Chris Lewis, TradeSun Executive
Vice President have today announced that TradeSun has been placed on the short list for the GTR
Leaders in Trade Awards, in the category of Best Fintech Startup.

Earlier this year TradeSun strengthened its AI and NLP leadership position with its Edison award
nomination in Innovative Solutions and Financial Services. Today’s announcement complements
TradeSun’s formidable capabilities by recognizing their efforts and innovations in fintech, while
honoring them for their accomplishments as a breakout Trade Finance software solution.

The GTR Leaders in Trade Awards highlight excellence in the trade, commodity, supply chain, export
finance and fintech markets. Each year GTR (Global Trade Review), a world-class independent
publishing and events company, recognizes the market’s pioneering institutions and top performers
from around the world. TradeSun appears on the short list for Best Fintech Startup alongside Trade
Ledger and Tradewind Markets.

Nigel Hook commented: “It is an honor to be nominated, and we are pleased that GTR has
recognized TradeSun for our efforts this year to bring digitalization to the forefront of the Trade
Finance conversation. Appearing on this short list for the GTR Leaders in Trade Awards helps to
solidify our reputation as a major player in the area of document processing automation, and we
look forward to hearing the results in April.”

Award winners will be announced at GTR’s annual awards dinner in London on April 30, 2020. For
more information about GTR: www.gtreview.com.

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TradeSun Appoints New Director

TradeSun Appoints New Director

Terry Hubert joins TradeSun as Director, Trade Operations

San Diego, CA – January 10, 2020 – Following the appointment of Chris Lewis, the former Global Head of International Trade Services at Wells Fargo, TradeSun has added another Trade Expert to their international leadership group through the appointment of Terry Hubert as Director, Trade Operations, to support the implementation and management of client and partnership deals.

Terry is an experienced Transaction Banking and Trade Finance leader who brings over 30 years of experience in the Trade Services area with extensive working knowledge of Operations, Product, Sales and Strategy. Having worked for a number of global organizations including J.P. Morgan, Royal Bank of Scotland and ABN Amro, Terry spent the past five years as the Global Head of Insourcing and Complex Sales for Wells Fargo’s International Trade Services Business. In this most recent role before joining TradeSun he was responsible for the end to end delivery of a suite of operational, network and technology products that over 400 banks globally benefitted from. Terry will remain in London to support TradeSun’s Regional expansion.

“Terry’s reputation is well deserved and built on years of working with clients to really understand their challenges and build solutions that actually work – so a perfect fit for TradeSun. Whilst Terry’s industry knowledge is unquestionable, what I really love about Terry is the honesty and passion he brings to every conversation.” – Nigel Hook, CEO

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City National Bank pilot successfully completed

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.”

 

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TradeSun Introduces Version 3.0

TradeSun Introduces Version 3.0

New cloud-based version released with advanced AI capabilities

San Diego, CA – December 15, 2019  – TradeSun announces the introduction of its advanced cloud-based Version 3.0. This AI-rich automation solution adjudicates letters of credit and bills for collection processing, including error and discrepancy checking and compliance and fraud detection.

A recent on-site pilot using Version 3.0 with a US regional bank demonstrated the superior power of TradeSun in flagging document discrepancies in letters of credit and flagging potential compliance hits and fraud. Efficiency gains from the trial evidence a 261% productivity increase handling Letters of Credit. Additionally, the trial processed export bills for collection and once again demonstrated a 341% production increase in Bills for Collection processing time, including the flagging of potential compliance hits.

CEO of TradeSun Nigel Hook stated, “This cloud-based Version 3 offers banks and trading companies an outstanding ROI, ease of implementation and accelerated AI learning.” Hook added that TradeSun is in discussion with a number of banks and trading and shipping companies regarding various applications.

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