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Future-proofing Trade Finance: The digital Transformation Journey with ClearEye

Cleareye Blog Banner, Title is "Future-proofing trade finance: The digital transformation journey with ClearEye."

Transitioning from documents to pixels, from cash to virtual payment gateways, and from local markets to international ones, the sweeping transformation of global trade into the digital world is redesigning the trade finance ecosystem. The alliance between ClearEye and J.P. Morgan represents the metamorphosis of the future of trade finance digitisation. BY MARIYA GEORGE, TOM FITZGERALD As the industry anticipates the upcoming Sibos 2023, themed ‘Collaborative finance in a fragmented world,’ TFG’s Deepesh Patel sat down with Mariya George, CEO & Co-Founder of ClearEye, and Tom Fitzgerald, J.P. Morgan’s Managing Director and Global Head of Trade and Working Capital Product Delivery. Gaining an advantage through digitalisation The journey of the trade finance industry towards digital transformation has encountered a distinct lack of momentum. With insolvencies of various fintech companies making headlines and the rapidly evolving regulatory frameworks influenced by current geopolitical events, navigating the digital landscape has proven to be a consistent challenge for the industry. Recognising the need for transformative change, ClearEye and J.P. Morgan have joined forces with a revolutionary vision for the industry: to future-proof trade finance operations. George said, “It all starts with the back-office operations. There are a lot of challenges in today’s back-office operations, including the constantly changing regulatory challenges and needs, as well as the rising costs.” George offered more information on ClearEye’s flagship platform, ClearTrade, and its robust capabilities, “ClearTrade focuses on three components: Digitisation, compliance/trade-based money laundering automation, and doc-exam operations automation.’’ Reinforcing the value of integrating ClearTrade and how the alliance bolsters J.P. Morgan’s trade finance objectives, Fitzgerald said, “Our internal business case around using this platform incorporates uplifting our compliance capabilities, reducing operational costs, and getting leverage through a partner relationship versus purely relying on in-house IT resources.’’’ Additionally, the roadmap for this collaboration aims to introduce ClearTrade to J.P. Morgan’s correspondent banking network Empowering collaborative finance through technology In today’s interconnected global economy, trade finance relies on a diverse range of stakeholders, collectively empowering international trade. The complexity of this ecosystem, combined with the numerous entities involved, highlights the importance of embracing technology to promote collaborative finance. Echoing ClearEye’s vision for technology-driven collaboration, George noted, “I don’t think there’s a better way to bring the world together than through technology.” But ClearTrade’s capabilities extend beyond transaction processing. “It’s a platform that can bring together the compliance team, the operations team to access all these external data sets that are required to do all the compliance checks,’’ she elaborated. Furthermore, consolidating compliance and trade finance operations into a single automated solution is a remarkable step towards addressing one of the most notable challenges facing trade finance operations – fragmentation. From exporters initiating transactions to banks handling cross-border exchanges, trade finance processes entail substantial lead times, typically lasting for days. ClearTrade can significantly expedite these processes. “With technology advancements,’’ George pointed out, “the lead times of trade finance processes can be reduced from days to hours. That’s a significant change.’’ The platform’s ability to automate labour-intensive manual checking processes including trade-based money laundering (TBML) verifications, holds the potential to revolutionise the pace and efficiency of trade finance operations. Additionally, the alliance has successfully addressed one of the most persistent conundrums in the digital transformation of trade finance: how to adopt technology while maintaining trust in the financial industry. This alliance demonstrates that striking a balance between the two is undoubtedly achievable. Despite the innovative nature of the collaboration, J.P. Morgan’s core principles of vendor evaluation and risk management have been integral to the alliance. “The relationships might have a slightly different contractual structure, but at the end of the day, you’re relying on a third party that needs to protect our business, our clients, and our data. The concerns, the rules, and the risks that go into a fintech alliance are no different than a traditional vendor,” Fitzgerald underscored. Supercharging efficiency: Single platform, multiple features Starting in the domain of unstructured data processing, ClearTrade has evolved over the years into a breakthrough solution for trade finance operations and compliance Highlighting the platform’s capabilities, George put forth the several key features it offers: From a regulatory perspective, the platform’s ability to determine high-risk transactions by dissecting numerous variables offers a robust digital product for regulatory compliance automation. According to Fitzgerald, “The ClearTrade platform can be configured to consider many daa elements that you see in current G7 trade sanctions, such as Russian oil price caps.’’ Forging ahead: ClearEye’s vision for the future Digitising trade finance presents an unprecedented opportunity to reshape the industry, making it more efficient, inclusive, and sustainable. Following on their pioneering role in the digitisation of trade finance operations, ClearEye’s future holds multiple opportunities to scale. George affirmed, “We want to go deep and really solve the trade finance operations problem. There are different product types and other areas that we want to dive into. That’s our immediate focus area.’’ With a solid foundation in digitising trade finance operations, the strategic alliance between J.P. Morgan & ClearEye is set to inspire and future-proof the industry.

Cleareye.ai Announces J.P. Morgan’s Compliance Go-Live on the ClearTrade® Platform

Cleareye Blog Banner, Title is "Cleareye.ai Announces J.P. Morgan’s Compliance Go-Live on the ClearTrade® Platform." Lock Icon

A Collaboration Yielding Results NEW YORK–(BUSINESS WIRE)–Building off the momentum of the strategic alliance announcement last September, Cleareye.ai has continued its collaboration with J.P.Morgan Trade and Working Capital, which went live with ClearTrade® Compliance module in January. ClearTrade® Compliance automates the identification of the high-risk characteristics of transactions and, in an automated manner, aids users in the assessment of red flags and red flag management. It comes pre-integrated with external data providers for Vessel and Container Tracking, Bill of Lading Validation, and the identification of military & dual-use goods. This reduces risks for banks and increases efficiency and organizational controls, allowing banks to uplift global markets to higher standards without the corresponding increase in cost. Check out the latest news about Cleareye.ai! #ClearTrade #TradeFinance #Compliance #RedFlagAutomation #TBMLTweet this ClearTrade® is a comprehensive trade finance software suite that future proofs the trade operations and technology of banks through its three-module offering of Digitization, Compliance and Auto Doc Exam. The ClearTrade® platform has allowed for faster and more accurate document handling. The platform’s powerful image processing and data extraction provides significantly higher accuracy and confidence, to the tune of over 90%. This eliminates manual processes and allows data injection into a bank’s back-office system, improving the operational efficiency and transaction turnaround time. Using the ClearTrade® platform, J.P.Morgan has accelerated its journey to future proof its trade finance operations, with plans to further uplift and roll out the platform globally. James Fraser, Global Head of Trade for JPMorgan Payments says: “As our industry continues to change moving beyond the COVID pandemic, we have even more reason to focus on the digitization of trade. Cleareye’s ClearTrade® platform offers customization to streamline the manual and paper-heavy processes associated with due diligence. The strategic alliance between both J.P. Morgan and Cleareye will allow Cleareye to bring automated straight through processing to banks across the globe.” Mariya George, CEO for Cleareye, states: “With our strategic alliance with J.P. Morgan, Cleareye is focused on revolutionizing the fintech and regtech markets. ClearTrade® not only helps streamline trade transactions, but also brings together data from global sources to enable banks make confident decisions for safe, efficient and lawful movement of trade, reducing Trade Based Money Laundering risk while meeting the changing regulatory needs.” For any inquiries regarding this announcement or Cleareye.ai’s strategic alliance with J.P.Morgan, please reach out to your Cleareye.ai sales representative for more information or visit our website www.cleareye.ai

SalesTechStar Interview with Mariya George, Co-Founder and President at cleareye.ai

Cleareye Blog Banner, Title is "SalesTechStar Interview with Mariya George, CEO & Co-founder, Cleareye."

Hi Mariya, welcome to this chat! Tell us about your journey through the years…we’d love to hear about the story behind cleareye.ai… I was born into a business family in the southern tip of India – Kerala, which is also known as Gods Own Country. I am a Computer Science engineer by training and started programming from my early days, but my passion was business development and discovering new opportunities. I was fortunate to work with Fortune 500 and Global 1000 companies my entire career, and I was always on the “selling” side vs the “buying” side. This helped me understand my clients, especially in the Banking and Financial services segment, and what they are really looking for versus what is often said.Coming from a business family, entrepreneurship was engraved into me and was my passion. I always wanted to build a business leveraging my learnings over the last two decades. In early 2019, the passion became real. I had the opportunity to raise seed funding and launch cleareye.ai. Read More : KnowBe4’s Global Cybersecurity Experts Make Predictions For 2021 Cyber Trends Banking is one of the most regulated industries and yet artificial intelligence (AI) is expected to permanently change the industry in profound ways, especially now, having been accelerated by the COVID-19 pandemic. Banks seek to gain a competitive edge on their peers by leveraging technology to achieve efficiencies in speed, cost, accuracy, and efficiency, as well as meet the changing customer needs. Banks are reinventing themselves as technology companies as much as financial institutions. This requires banks to have the ability to launch products faster to market, from the front office to the back office, without having to depend on fintechs.cleareye.ai is a game-changing, advanced AI and machine learning platform that enables banks to launch tailored products at a rapid pace. How are you seeing technology / supporting tech demands for fintechs, banks and financial institutes change over time? How has the pandemic influenced this? Artificial intelligence is no longer a buzz word and is integral to the world we live in, and banks and financial institutions are deploying these technologies at scale to remain relevant. Banks are looking for the machines to replicate, and often exceed, what humans do.AI engines are using a suite of technologies, enabled by adaptive predictive power, and some degree of autonomous learning, to recognize irregularities in data, identify a whole host of patterns, become more adept at predicting activities and decision making that will ultimately make banks more efficient. AI is enabling banks and financial institutions to drive new efficiencies and deliver new kinds of value across Deposits & Lending, Capital Markets, Payments, and Investment Management. As a result, this is creating paradigm shifts in the financial ecosystem by: These shifts started before the pandemic, however, it is naïve to think the pandemic didn’t expedite the transformation. From your experience, what are some essential sales skills to be a successful entrepreneur? I think the number one sales skill an entrepreneur needs to be successful is Emotional Intelligence. Business leaders should understand the significance of emotional intelligence in driving business decisions. Not only should leaders have high EQ, but they should enable their teams to disarm affect-driven bias, identify those with lower EQ and help understand the root cause(s) of the emotions that are impacting their decision-making capabilities. Jeb Blount’s Sales EQ is a great reference to understand how ultra-high performers leverages sales specific EQ to close complex deals and how to differentiate yourself from competition and hold the short-lived attention span of distracted buyers!The second most important quality for an entrepreneur is the Sense of Urgency. As John Kotter has elegantly quoted in his book “A Sense of Urgency”, it’s a distinctive attitude and gut level feeling that lead people to grab opportunities and avoid hazards, to make something important happen today, and constantly shed low-priority activities to move faster and smarter, now.The third principle I go by is Lead by deadline, while putting your customer at the center. This means starting where you can and not waiting for the perfect opportunity. Take advantage of every opportunity NOW. Take necessary risks and settle conflicts immediately. Listen to your customers and show your team that there is no alternative to victory!And finally, any entrepreneur would know that all deals need to be negotiated as if your life depended on it! Chris Voss in his book “Never Split the Difference” talks about how life is a series of negotiations – how to beware of the “yes” and how to master the “no”, how to be persuasive with your clients, and how you can create the illusion of control. However, the most important aspect of all is guaranteeing execution. The product must deliver to the promise and follow throughs should be done. We’d love to hear more about cleareye.ai’s roadmap and sales direction / initiatives for the rest of 2021? Of the 8 billion people in the world, 1 billion do not even have a bank account. The large national banks are trying to solve this problem and make banking accessible to this segment through special offers. They are spending millions on technology and innovation. However, most of the people in the above category are not going to these big banks. They are going to their community banks. The community banks do not have the technology or dollars to spend like the large banks. But they want to solve this problem.This is where Cleareye’s mission comes in – we want to bring in technology to significantly improve financial inclusion. Our platform will help to simplify banking and enable banks to launch products faster, lower their cost of operations and help them move from cost-center to profit-center, be agile enough to exceed customer expectations and improve customer loyalty, making banking more accessible for the millions.cleareye.ai is a game-changing, advanced artificial intelligence (AI) and machine learning platform that enables banks to launch tailored products at a rapid pace. We focus on making AI usable and practical for applications across complex banking use cases with high success rate

Cleareye.ai joins ITFA & the Fintech Committee

Cleareye Blog Banner, Title is "Cleareye.ai joins ITFA & the Fintech Committee"

LOS ANGELES, April 26, 2021 /PRNewswire/ — cleareye.ai, a leading fintech platform that transforms banks into hyper-agile organizations, announced that it is joining the ITFA Fintech Committee. cleareye.ai, aiming to make a significant impact in the trade finance ecosystem, finds ITFA the perfect forum to achieving its mission. Cleareye.ai’s “ClearTrade®” is designed to make the trade operations and sanctions screening simpler and less riskier. ClearTrade® is an easy-to-use digital workbench and proprietary rules engine to automate workflow of trade finance screening and compliance processing. The rules engine provides industry leading coverage of ICC rules governing international trade.Cleareye.ai in partnership with ITFA is committed to creating a safe and transparent trade finance industry.Mariya George, Co-Founder and President at cleareye.ai says: “cleareye.ai is excited to join ITFA to help its mission to bring together banks and financial institutions engaged in originating and distributing trade-related risks. Our focus is to help reduce the TBML risks induced by the document-centric process, human-centered review, and dependency on bank personnel. Our AI and NLP breakthroughs allow processing unstructured data accurately at scale and validating against ICC rules, to significantly reduce false positives and missed red flags.” Sarath Sasikumar, Co-Founder and COO at cleareye.ai states: “ITFA is the perfect forum for a Fintech like us who want to make a significant impact on the Trade Finance ecosystem. cleareye.ai is excited to be part of ITFA’s incredible journey and hopes to create exponential value not only to its members but also to the larger Trade Finance Industry. Trade finance undoubtfully is a powerful money-making tool for financial institutions, but it comes with its share of risk associated with a potential for fraud, money laundering, and breaches of regulations. cleareye.ai uses advanced Artificial Intelligence (AI) to improve the effectiveness of Trade Finance Operations and Sanctions Screening processes while increasing productivity by up to 70%. The platform processes trade finance transactions documents, performs automated reconciliation against UCP and ISBP rules, and seamlessly integrates with Sanctions Screenings and TBML systems.” ITFA is committed to the continuous development and growth of the trade finance and forfeiting industries. It acts as a valuable forum for its 300+ members to interact and transact business together profitably and safely. As a part of its mission, ITFA is at the forefront of understanding the emerging changes, challenges, and opportunities in trade finance.“Artificial intelligence is being embedded in a growing number of front- to back-office processes. This is a key technology trend that benefits banks and their corporate / SME clients. cleareye.ai demonstrates how modern technology enables banks to speed up various key processes whilst redefining client experience at a fraction of the cost,” said André Casterman, Chair Fintech Committee, ITFA. “We have only just begun what will be a very exciting and transformative journey to incorporate the use of artificial intelligence into trade and trade finance. I am very happy that cleareye.ai has seen the potential for their advanced technology in these markets and to welcome them to our community.” Said Sean Edwards, Chair, ITFA. About cleareye.ai cleareye.ai is a game-changing, advanced artificial intelligence (AI) machine learning platform that enables banks to launch tailored products at a rapid pace. Headquartered in Los Angeles with offices in New York, Bahrain, and India, the company works to significantly simplify banking by leveraging advanced AI techniques. Its platform combines the power of Consumer Experience Sensing, Insights generation from Data, and Autonomous Automation powered by Artificial Intelligence. This will transform banks into hyper-agile organizations, that customers want to bank with, and employees feel proud of, that deliver exceptional customer service where customers expect it, drive short-term gains and long-term growth, and generate insights to sustain momentum at a digital scale. It offers products in 3 categories – Regulatory Tech, Growth Tech and Cost Tech. cleareye.ai was founded by leaders in global technology, representing decades of entrepreneurial and digital systems experience across a range of industries. For more information, visit www.cleareye.aiContact: contact@cleareye.ai

Fintech Podcast: Around The Coin

Cleareye Blog Banner, Title is "Fintech Podcast: Around The Coin with Mariya George, CEO & Co-founder, Cleareye."

Around The Coin: Interview with Mariya George, Co-founder & President of cleareye.ai In this episode, Faisal Khan sits down with Mariya George, the Co-founder and President at cleareye.ai, a leading fintech platform transforming banks into hyper-agile organizations using advanced AI techniques. Previously, Mariya worked for nearly 15 years at UST Global, a US-based digital technology and IT services provider. Most recently, she served as the Head of Banking and Insurance at UST where she was responsible for the industry group’s overall vision, strategy, and investment priorities. Before that, she led multiple consulting engagements with a focus on bridging business demand and technology solutions.Your browser does not support the audio element.Learn More

Without Strong Technology, PPP Round Two Could Leave Lenders Floundering

Cleareye Blog Banner, Title is "Without Strong Technology, PPP Round Two Could Leave Lenders Floundering."

“If lenders don’t invest in robust technology solutions for managing the coming onslaught of loan applications, they risk, at best, falling behind other lenders and, at worst, mismanaging loans and applications when they do come in.” Much needed relief is on its way. On December 21, 2020, Congress finally took decisive action and passed a second coronavirus stimulus bill. Included in the package: an additional and much needed $284 billion in loans for small businesses under the Paycheck Protection Program (PPP) framework established by the March 2020 CARES Act. Not only does this expansion provide more funds for the much needed program, it also addresses key issues such as expense deductibility and forgiveness period. While these changes will make the program much more appealing to borrowers, likely driving even more demand than was observed in March, they also add even more red tape through which lenders will need to navigate. Mariya George, president of cleareye.ai, commented on how increased program complexity is creating headaches for banks which lack strong technology solutions: “If lenders don’t invest in robust technology solutions for managing the coming onslaught of loan applications, they risk, at best, falling behind other lenders and, at worst, mismanaging loans and applications when they do come in.” Program Changes Make the PPP More Attractive Than Ever Beyond merely providing more funding for the program, Congress made several changes to the PPP which will impact borrowers and lenders alike. These changes will likely make the PPP more attractive to businesses which had issues with the original program or which avoided the program due to uncertainty in policy and enforcement. Expense Deductibility While loan amounts did not count as taxable income in the initial version of the PPP, expenses covered by the loan were not tax-deductible expenditures. December’s bill changes this, allowing businesses to deduct expenses covered by the loan amount. Many borrowers raised concerns with the lack of expense deductibility in the first iteration of the program. The purpose of the PPP has always been to enable businesses to cover payroll and other expenses, many of which businesses are usually able to claim as deductions. Not allowing this with forgiven PPP loans forced businesses to analyze whether taking such a loan would actually be in their best interest. This issue has now been put to rest. Businesses need not fear major changes to their end-of-year accounting simply because they were given relief funding and many that passed over the program initially may be interested in the second round. Variable Forgiveness Period December’s bill also allows borrowers to choose the duration of the period over which they must spend a sufficient amount and maintain their payroll in order to qualify for loan forgiveness. This period begins on the day funds are received and ends on any day chosen by the borrower which is between 8 weeks and 24 weeks later. So long as payroll is at its pre-February 15 levels on the last day of this period, the borrower will qualify for loan forgiveness. Different businesses will be in very different situations and this offers them much-needed flexibility. Borrowers who want to qualify for forgiveness as quickly as possible will be able to stick with the eight weeks. Meanwhile, borrowers who think it will take longer to scale their payroll back to its pre-2/15 level can opt for a longer period. The theme here is quite clear: these new changes will make the PPP more attractive to more small businesses than before, likely increasing demand for this second wave of loans. Lenders are Navigating a Minefield While major changes to the PPP make the program more attractive to borrowers, they will only increase the headache for lenders. Manual loan processing workflows that worked last time won’t work again. The SBA has unveiled a new loan portal and a new API. Lenders will need to wade through the same mountain of red tape as they needed to last time around while simultaneously training on a totally new platform interface. To add insult to injury, the SBA is capping the number of users from each lender who will have platform access. Lenders who were planning to solve their problems simply by throwing more people at the process will need to rethink their strategy. Automation is the Key In order to cope with the increased demand, lenders will need to invest in automated processes driven by robust technology. Purpose built, automation solutions for managing PPP applications and loans will enable faster, simpler, and more efficient loan processing, helping lenders get ahead of the oncoming surge and facilitate much needed relief to their small business clients. For businesses, relief is almost here. For banks, the challenge has only begun. At cleareye.ai, we have built a simple and intuitive solution that simplifies the PPP Lending process and automates the Lenders Forgiveness process to improve borrower experience. Our PPP Loan Forgiveness Processing Engine leverages advanced Artificial Intelligence and reduces processing time to less than 30 minutes, eliminating manual error and providing process uniformity. Learn more about our PPP solution here About the Author – Mariya George Mariya George is the President & Chief Revenue Officer and Member of the Board of Directors of cleareye.ai. She has several years of experience in global banking, consulting, and business. Mariya has a degree in Computer Science and is passionate about finding and building talent, especially women in technology with strong entrepreneurial skills. She is based in New York.

Developing A Business Plan? 11 Common Mistakes New Entrepreneurs Make

Cleareye Blog Banner, Title is "Developing A Business Plan? 11 Common Mistakes New Entrepreneurs Make."

FORBES Business Development Council Featuring Mariya George, President cleareye.ai, Oct. 26, 2020 — Research has shown that the businesses that survive the longest are those that have a solid business plan. New entrepreneurs hear this information, but it gets lost in a sea of contradicting tips and tricks. The result is that these entrepreneurs either fail to create a thorough business plan or try to make it do too much. Many things set good business plans apart from bad ones. The one overarching idea is that the business plan should describe what the business does, how it does it and how it can keep on doing it at a larger scale. Below, 11 members of Forbes Business Development Council delve into the most common mistakes that new entrepreneurs fall prey to when developing their business plan and offer advice on what they should be doing instead. Spending Too Much Time On Financial Planning New entrepreneurs spend too much time on financial planning versus actual customer discovery. They get caught up in the total addressable market without focusing on how to get there. This results in taking wrong bets based on direction from the initial few customers versus the larger ecosystem. These assumptions then drive the business plan, and if the assumptions are not tracked explicitly, it results in a “faulty” business plan. – Mariya George, cleareye.ai Learn More

16 Key Steps To Better Business Decision Making

Cleareye Blog Banner, Title is "16 Key Steps To Better Business Decision Making."

FORBES Business Development Council Featuring Mariya George, President cleareye.ai, July 27, 2020 — Businesses are in an unenviable position of needing to be right about most of their decisions. Even the smallest choices they make can significantly impact their ability to compete. Making the wrong decisions can lead to fallout in several ways, from financial hardship to losing vast numbers of their workforce. Because of the factors affecting each decision, it’s easier for businesses to outline the choices they make that aren’t critical as opposed to those that are. How does a business make better decisions then? To help, these 16 members of Forbes Business Development Council share some of the key steps a company should take to improve its decision-making process. Leverage Emotional Intelligence Business leaders should understand the significance of emotional intelligence in driving business decisions. Not only should leaders have high EQ, but they should enable their teams to disarm affect-driven bias, identify those with lower EQ and help understand the root cause(s) of the emotions that are impacting their decision-making capabilities. – Mariya George, cleareye.ai Learn More

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