How artificial intelligence helped save world trade

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The effects of the Covid-19 pandemic continue to severely disrupt trade. Yet some trade finance banks had the foresight to plan for such an eventuality, utilising capabilities that overcome market-wide limits on documentary trade. As appetite for trade digitalisation grows, Conpend's CEO, Torben Sauer, explains how banks are increasingly turning to technology to automate their document checking using AI – eradicating logistical challenges following a surge in remote working caused by the pandemic, and streamlining paper-based processes and transforming operational efficiency Over the last two years, financial institutions (FIs) have experienced unparalleled disruption as the Covid-19 pandemic continues to impact regions across the world. What they have not experienced, however, is a major decline in functionality. While the crisis initially sent shockwaves through the financial markets in March 2020, the operations of most of the world's major banks converted to home working without a single day's loss in service.

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