NatWest has made a major announcement in the fight against financial crime by leveraging artificial intelligence (AI). The bank has partnered with Cleareye.ai, a specialist in AI for trade finance, to streamline trade processing and enhance compliance oversight.
AI-Powered Trade Processing
Cleareye.ai’s advanced technologies will automate and streamline documentation processing and compliance checks for NatWest’s customers, offering a simpler, faster, and safer trading experience. This marks a strategic step in futureproofing trade finance through intelligent automation and risk mitigation, according to the bank, which has branches in Birmingham.
Compliance and Anti-Money Laundering
The tool, named ClearTrade, will conduct automated examinations in accordance with International Chamber of Commerce (ICC) rules, globally recognised standards for cross-border trade. It will also perform robust compliance and Trade Based Money Laundering (TBML) checks, enabling NatWest to strengthen oversight and reduce operational risk while enhancing client service.
Executive Comments
Michael Gilham, Trade Product Lead at NatWest, said: “As Britain’s biggest business bank, we’re focused on giving customers the confidence to seize growth opportunities. This partnership will help them trade in foreign markets with greater speed and certainty, while enabling our colleagues to deliver a more personalised and productive service. It will also strengthen protection against fraud and financial crime, by using innovative technology to enable us to provide better service to our customers. As we embrace leading, innovative technologies, we remain committed to harnessing them responsibly, enhancing customer experiences while strengthening our risk and control environment. At every stage, we will prioritise the safety, trust, and wellbeing of our customers and colleagues.”
Mariya George, CEO and Co-founder of Cleareye.ai, added: “NatWest is leading the way in reimagining trade finance, and we are proud to support their innovation journey. ClearTrade is purpose built to deliver both automation and compliance outcomes, and we are excited to help NatWest unlock scalable impact for their teams and their clients.”
