Stanbic Bank Kenya Signs A Partnership With TradeSun To Implement AI

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 the 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 in a better position to provide complete solutions and increasingly rely on trusted partner organizations in her ecosystems – including non-financial services groups – to fulfill the needs of clients.