Traydstream partnered with Refinitiv’s World-Check, which will integrate seamlessly with its automated Trade compliance checks. Its clients will now be able to use Refinitiv’s World-Check Risk Intelligence as used by regulated companies to help screen for financial crime risks as part of their anti-money laundering compliance programs.
The London-based trade AI solution provider is a cloud-based platform whose modular technology digitizes and stores Trade Finance documentation, extracting the data intelligently and, based on machine-learned experience, validating the transaction documentation against a vast, evolvable library of Trade Rules and Compliance checks. The platform streamlines Trade Finance processing
The digital economy offers many benefits and opportunities, but also exposes clients to a range of crimes such as fraud and money laundering. Financial services firms must understand the identity of customers through reliable and thorough screening tools according to today’s regulatory framework. Integrating Refinitiv’s World-Check will allow Traydstream to offer such compliance services to its clients.
Shishir Vyas, Head of Partnerships at Traydstream, said: “Refinitiv’s solution is used by many of our clients globally and so we are delighted to extend our solution to include a market-leading compliance check.
Emma Miller, Global Head of Partnerships for the Risk business at Refinitiv, added: “We are constantly looking for new ways to deliver value to the customers of our World-Check service to help more businesses to comply with regulations and identify potential financial crimes. Refinitiv’s World-Check data complements Traydstream’s automated processing workflow and the combination allows clients to make more informed decisions with greater efficiency.”
In 2018, Traydstream raised $3.5 million in a pre-Series-A round co-led by a group of ultra high net-worth individuals (UHNI) and Gauss Ventures. The funding has been used to accelerate the commercialization of its AI-powered trade document automation platform. This round brought Traydstream’s total funding to date at circa $6.0 million, with leading investors including UHNIs, which has a deep understanding of trade financing in America, Europe, Middle East and Asia, and Gauss Ventures, which specializes in fintech growth strategies.
