Trade Document Automation and Digitization

Abstract/Technology Overview

Submitting improper trade documentation to banks is one of the principal reasons why many exporters experience significant delays in receiving payments for their exports. This, in turn, leads to exporters facing additional and unnecessary costs/risks that can impact their profit margins. The lack of experience and human errors are the major contributing factors to poorly prepared trade documents. Envisioning a solution to this problem, we developed an automated document-preparation system that harnesses machine learning and intelligent analytics to generate trade documentation from Letters of Credit and other user data streams. Our system ensures compliant documentation is achieved effortlessly without the need of experienced personnel - a typical trade document presentation set can be completed within 5 minutes or less! 

Designed using an open architecture to ensure a high degree of interoperability with any existing systems, our system generates digitized output that can be utilized by other operational processes, whether internal or external, to reduce data redundancies and paper-intensive workflows. Our system is targeted at companies (small, medium or large) that are involved in the exporting of any goods or services.

We are looking for:

1. Companies that want to reduce costs/risks associated with delays in receiving payments for exports.

2. Financial institutions that are involved in these companies' exporting and payment process.

3. Potential investors in our system.

Technology Features, Specifications and Advantages

Our system is unique because it operates through the combination of five innovative features: cloud-based, text mining, algorithm processing, machine learning and continuous up-to-date knowledge base. All these features are interwoven into a seamless, intuitive interface that is accessible anytime, anywhere and is not reliant on any specific IT hardware. More importantly, our system delivers four distinct advantages to users:

1. It automates slow and manual trade document preparation processes.

2. It increases data reusability through digitization and expedites similar transactions in the future.

3. It simplifies the process of understanding regularly-changing trade rules publications.

4. It reduces the need for human labor. 

When combined, these benefits will lead to a leaner, less cluttered and more efficient trade experience for our users. Unlike existing technologies, our system was built from the ground up to have incredibly high flexibility and connectivity with any existing systems - e.g., companies that have an increasing volume of exports can enjoy progressive economies of scale through the use of our system.

Potential Applications

Our system is designed for optimal application within the international trade industry. Specifically, it can be used by manufacturers, exporters, traders and any business entities that engage in exporting activities. The technology underlying our system can also be extended to areas where digitalization is beneficial but still underdeveloped, e.g., manual health records, paper-based survey tools, archives etc. In addition to trade documentation preparation, the usage of our system is the first step towards the development of a suite of products that can automate and digitize every aspect of an international trade workflow. For example, a parallel version of our system for importers can be easily constructed by utilizing the digitized exporter trade documents generated through our system. The estimated market size, where our system will be introduced into, is worth USD1.5 trillion in 2015 with almost 5 million Letters of Credit (the dominant trade document instrument) being processed annually.


Customer Benefit

  • Faster documentation turnaround times
  • Lower operational and financial costs
  • Transform the cost-center nature of operation departments into a revenue-driving center
  • Lower reliance on experienced personnel to manage trade documentation, eliminating the impact of attrition and knowledge gap

Technology Owner

Chon Keat Khaw


Lucidity Digital Pte Ltd

Technology Category
  • Artificial Intelligence
  • Data Processing
  • Financial Technology
  • Natural Language Processing & Semantic Technology
  • Logistics
  • Planning & Order Processing
  • Value-Added Services
Technology Status
  • Available for Licensing
Technology Readiness Level
  • TRL 5

trade finance, docprep, document automation, digitization, letters of credit, operational efficiency