AUTOREC TFC - Because . . . Banks work with Documents and not Goods

Product Overview

 

Trade finance remains one of the most complex banking businesses to automate, owing to intricacies in international trade practices. There is a lag in the entire trading life cycle due to document intensive transactions, multiple process stages and lot of manual checks. Trade finance for banks is labour, process and paper-intensive and as such, paper-intensive processes can impede transaction efficiency, and reduce visibility on both the physical and financial aspects of the transaction.

Autorec TFC makes light work of capture activities related to data points from various documents that are submitted by either the importer or exporter.

Autorec TFC is trained to classify documents and extracts entities from the documents as required by the core banking, trade finance application or as part of compliance.

 

CAPTURES DATA FROM UNSTRUCTURED DOCUMENTS @ 100% ACCURACY


Bill of lading

Invoice

Bill of Exchange

Bank Covering Letter

Certificate of Origin

Insurance Certificate

AutoRec Free Flow Capture is a data extraction software to capture data accurately & intelligently from unstructured forms. The software can identify different documents of any structure & extract required information to be exported into your Line of Business application or database. It streamlines your document Sorting, Capture & Data Entry process.

The Unique Click 2 Pick technology helps operators to capture unidentified data by a mere mouse click.
It can capture data from multiple lines using click & drag.

 

ADVANTAGES OF AUTOREC TFC

  • Designed specifically for international trade
  • Eliminates MAKER as the software auto captures entities and routes to CHECKER / VERIFIER queue.
  • Can handle documents submitted as part of LC’s, Documentary collection, Bank Guarantee, Direct Payments,
    Invoice financing, Open account financing.
  • Checks for data consistency between documents as required by the terms of credit.
  • Business Rules in accordance with UCP and ICC URC - Real time matching of terms of credit from MT700 fields 50,59,32B,43P,43T,44ABC,45A,46B etc.
  • SWIFT compliant data
  • KYCC in real time can be designed to facilitate compliance with regulatory requirements of programs such as the:
    • 3rd EU Money Laundering Directive
    • USA PATRIOT Act
    • U.S. Treasury's Office of Foreign Assets Control (OFAC)

    ROI

  • Autorec TFC can enhance productivity 8-10 TIMES
  • Documents classification and data extraction time reduced from 20 minutes to 2 Minutes

AutoRec Free Flow Capture Process Flow – Trade Finance Process in Banks

 

 

Solution Flow & Integration

AutoRec TFC has two points of integration, firstly for image acquisition and finally for Uploading the clean data to the Core Banking or trade finance systems.
Banks normally have a workflow or DMS to talk to for acquiring the images, Autorec TFC can be successfully configured to acquire images from Workflow and DMS systems like

  • FileNET
  • Documentum
  • Intellect
  • OmniDocs etc

Also AutoRec TFC can also push data to known Core banking and Trade Finance systems like

  • Finacle
  • BankTrade
  • Eximbills etc.