Surecomp today announced that it is partnering with Pelican AI, a global provider of AI-powered financial crime and compliance solutions, as part of a collaborative vision to drive the digital transformation of trade-based risk management.

Offering comprehensive solutions to financial institutions worldwide, the new collaboration between Surecomp and Pelican AI will specifically address the need for more streamlined and readily accessible data from within trade documents. By intelligently automating trade documents and accurately extracting and validating data from the trade finance process, financial institutions using RIVO will be able to improve trade productivity, reduce risk, ensure compliance and ultimately boost scalability to process burgeoning trade volumes.

The complexity and paper-based nature of the trade finance process means that scaling up an industry-compliant operation requires a level of automation and efficiency provided only by digital solutions. The biggest concern for many financial institutions is how to ensure regulatory compliance while driving growth without draining resources.

Parth Desai, CEO of Pelican AI, said: “We are pleased to partner with Surecomp, creating a unique combination of proven trade finance and compliance expertise with best-in-class innovation leveraging both Artificial Intelligence and the cloud, while further presenting a major opportunity to support financial services organisations of all sizes.”

“We are delighted to welcome Pelican AI as the latest fintech partner to our RIVO hub,” says Enno-Burghard Weitzel, Surecomp’s SVP Strategy, Digitisation and Business Development. “Compliance is probably the number one challenge for banks worldwide and by partnering with Pelican we are enabling them to alleviate the regulatory burden and provide the necessary data and reports on demand.”