What is Trade Finance - Letter of Credit Trade Finance using Blockchain Services

What is Trade Finance and how can Blockchain help?
Discover the benefits of blockchain services in trade finance and how blockchain technology is impacting efficiency and performance in the industry. Visit us now. - lti.co/rvJm5XJ
Trade finance relates to the process of financing certain activities in areas of commerce and international trade. Trade finance includes products such as lending, issuing letters of credit, factoring, export credit and insurance. It involves manual processes & there is a risk of documentary frauds. The video demonstrates how blockchain makes the process transparent to all participants and removes the opportunities of frauds.
So how does trade finance help?
Our Expertise -
It is evident that Blockchain is an opportunity for organizations across industries to transform themselves. In wake of probable disruptions, firms that adjust their business models accordingly, stand to reap greater benefits such as increased transparency, reduced costs and greater time efficiencies.
As a leading IT Services Provider, LTI is collaborating with several of the leading organizations from across industries to identify and build DLT-powered solutions, tailored to their specific business needs. We invite you to partner with us in this journey, to collectively build business solutions and spearhead the digital disruption brought about by the Blockchain Technology.
LTI’s Trade Finance Cognitive Automation solution brings in a paradigm shift to the handling of documents in the Trade Finance world. It eases and speeds up document verifications with NLP-based entity extractions and guided validations. This solution helps in cognitive OCR extraction of Trade Finance product-related entities from unstructured documents. It also enables in assisted validation and screening of entities for automated compliance checks. With granular process visibility, real-time alerts & reporting dashboard, LTI’s Trade Finance Automation solution makes document handling simple and convenient.
Key Highlights:
Leverage pre-built dictionaries & vocabularies of the bank for sanctions screening.
Solution leverages NLP & continuous learning so that the system adapts to new information.
Assisted operations integrate to the existing process and improve efficiencies.
Product agnostic solution, and can be customized and integrated to the environment.
Benefits:
1.Comprehensive and continuous learning brings consistency to the process & results, leveraging codification of knowledge.
2. ~20% to 35% reduction in TAT for information extraction, review and validation.
3. Timely alerts, resulting in penalties avoidance.
Solving for Client Challenges across Industries -
1. Sovereign identity management solution for a
large financial services company to reduce the
cost of client onboarding, and create a user
centric ecosystem.
2. Micropayments solution to enable new
revenue streams for Media Houses, from
pay-per-view transactions.
3. Trade finance solution for a leading bank to
reduce the trade cycle time and cost.
4. Global raw material marine shipment process
for a CPG Major to enhance visibility and
accountability in the supply chain.
5. Asset registration and tracking for a
government agency to safeguard buyers’ and
sellers’ interests.
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