Conpend reduces trade financing risks and operating costs by digitising Documentary Trade processing using OCR/NLP/Machine learning solutions

Business model: 

Current customers: ING Group
Current partners: Proferus, Finastra, Microsoft

Company background: Conpend is founded in 2016 and Amsterdam based

Solution description

Conpend offers a digital solution called Trafinas that provides the possibility to extract data from physical documents & recognises patterns in sets of documents by using OCR/NLP/Machine learning. Trafinas helps in solving complex problems and reducing complexity by offering case creation of Trade transactions, automated pattern recognition, Alert & workflow suggestions, and creation of transparancy of events. Conpend ensures a smooth integration and rapid deployment of Trafinas

How does it work?

After documents are scanned, Trafinas extracts the data using state of the art Optical Character Recognition (OCR) technology combined with machine learning. Subsequently the data is used to perform the required sanction, TBML and document checks. The results are automatically processed and routed through the bank using integrated workflow and the data is made available to other systems for auxiliary purposes