JPMorgan’s Trade
and Working Capital Group has made a strategic investment in Cleareye.ai, a
financial technology company focused on trade finance, the two firms confirmed
yesterday (Tuesday). Cleareye.ai expedite trade finance processes through
automation.
For the past year,
JPMorgan
has been using the fintech firm’s software to map data directly to its back-office systems from approximately 4 million documents it receives
annually. The strategic investment, whose financial terms were not disclosed,
comes at a time the trade finance industry is undergoing digital
transformation.
Trade finance is a
general term referring to the financial services and products for businesses
doing international trade or imports and exports. Currently, the sector is characterized
by manual processes and a lack of standardization and innovation.
“Future-proofing
trade operations have been at the forefront of J.P. Morgan’s digital strategy
in Trade and Working Capital,” commented James Fraser, the Global Head of
Trade and Working Capital at JP Morgan. “A manually intensive industry
loaded with paper and lacking standardization, burdened by an increasing cost
base, needs real innovation in order to transform.”
Headquartered in
California with offices in New York, Bahrain, and India, Cleareye.ai describes
itself as an Artificial Intelligence and a Machine Learning platform that simplifies banking. It uses document digitization technology to extract,
validate, and classify unstructured data.
Commenting on the
investment, Cleareye.ai’s CEO and Co-Founder, Mariya George, said: “We are
thrilled to increase our work with JPMorgan, leveraging their investment to
reinvest in our technological innovation, bringing expert solutions powered by Artificial
Intelligence to the forefront of bank’s digital strategies.”
Operational
Efficiency
In conjunction
with JP Morgan’s investment, George added that Cleareye.ai was working to
enhance operational efficiency through global solutions. Additionally, the fintech firm is aiming for digital innovations that can benefit trade finance banks, it
said.
Meanwhile, in May,
CNBC reported that JPMorgan was
working on a ChatGPT-enabled software that selects investments for customers.
Dubbed IndexGPT, the publication added that the bank had filed for patents for
the software. Other banks, including Goldman Sachs and Morgan Stanley, are reportedly
exploring OpenAI’s
ChatGPT uses in the banking sector.
JPMorgan’s Trade
and Working Capital Group has made a strategic investment in Cleareye.ai, a
financial technology company focused on trade finance, the two firms confirmed
yesterday (Tuesday). Cleareye.ai expedite trade finance processes through
automation.
For the past year,
JPMorgan
has been using the fintech firm’s software to map data directly to its back-office systems from approximately 4 million documents it receives
annually. The strategic investment, whose financial terms were not disclosed,
comes at a time the trade finance industry is undergoing digital
transformation.
Trade finance is a
general term referring to the financial services and products for businesses
doing international trade or imports and exports. Currently, the sector is characterized
by manual processes and a lack of standardization and innovation.
“Future-proofing
trade operations have been at the forefront of J.P. Morgan’s digital strategy
in Trade and Working Capital,” commented James Fraser, the Global Head of
Trade and Working Capital at JP Morgan. “A manually intensive industry
loaded with paper and lacking standardization, burdened by an increasing cost
base, needs real innovation in order to transform.”
Headquartered in
California with offices in New York, Bahrain, and India, Cleareye.ai describes
itself as an Artificial Intelligence and a Machine Learning platform that simplifies banking. It uses document digitization technology to extract,
validate, and classify unstructured data.
Commenting on the
investment, Cleareye.ai’s CEO and Co-Founder, Mariya George, said: “We are
thrilled to increase our work with JPMorgan, leveraging their investment to
reinvest in our technological innovation, bringing expert solutions powered by Artificial
Intelligence to the forefront of bank’s digital strategies.”
Operational
Efficiency
In conjunction
with JP Morgan’s investment, George added that Cleareye.ai was working to
enhance operational efficiency through global solutions. Additionally, the fintech firm is aiming for digital innovations that can benefit trade finance banks, it
said.
Meanwhile, in May,
CNBC reported that JPMorgan was
working on a ChatGPT-enabled software that selects investments for customers.
Dubbed IndexGPT, the publication added that the bank had filed for patents for
the software. Other banks, including Goldman Sachs and Morgan Stanley, are reportedly
exploring OpenAI’s
ChatGPT uses in the banking sector.
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- Source: https://www.financemagnates.com//fintech/jpmorgan-invests-in-trader-finance-fintech-firm-cleareyeai/
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