LONDON(Reuters) – JPMorgan has made a strategic investment in Cleareye.ai, a financial technology firm focused on trade finance, the companies said on Tuesday.
The parties, which entered into a commercial partnership last September, did not provide the financial terms of the transaction.
Trade finance refers to financial products offered by banks and other institutions that seek to facilitate global trade by reducing counterparty risk between importers and exporters.
Cleareye.ai operates a platform that it claims can expedite trade finance processes and compliance by analysing documents and data and removing manual checks.
In April, Cleareye.ai announced that the U.S. bank would use the company’s software to map data directly to the bank’s back-office system, using the extracted data to manage compliance risks associated with each transaction.
JP Morgan’s trade finance business receives nearly 4 million individual documents every year.
(Reporting by Andres Gonzalez, Editing by Louise Heavens)
