Partnership with Traydstream aims to enhance the bank’s ongoing efforts to digitize and automate its document commerce business, increasing controls, ensuring scalability for growth and ultimately improving the business experience clients in the area of letters of credit.
Deutsche Bank and Traydstream have been working together since July 2021 with a detailed pilot of the Traydstream automated business document verification platform. The two parties have now announced a new commitment for a deep dive into the bank’s business operations as well as the integration of Traydstream’s artificial intelligence (AI) tools. The parties have agreed to integrate the Traydstream platform into the Deutsche Bank environment and intend to roll out the platform globally in the future.
Upgrades made by Traydstream
Traydstream’s modular technology extracts data using AI and optical character recognition. It drastically reduces the time needed to perform checks on the dozens of documents generated by a single transaction, using a machine learning-based engine to check the underlying business transaction with over a quarter of a million permutations of rules.
Traydstream recently launched version 2.0 of its platform, with improved speed and accuracy of its data extraction and classification models, and integrated third-party vendors for compliance checks. The 2.0 platform further augments all feasibility checks, on all available documents, including the underlying letters of credit, in accordance with global business rules (Uniform Customs and Practices for Documentary Credits and International Standard Banking Practices).
Another update to the 2.0 platform includes a cloud-native architecture as well as a new user interface that uses all the lessons learned from the documents the system has processed over the last twelve months.
Recent updates on Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as investment banking services targeted to individuals, small and medium-sized enterprises, corporations, governments and institutional investors.
More recently, as reported FinancialTimes, Deutsche Bank dropped an already cut cost-cutting target for 2022, cutting costs to 70% of revenue out of reach. It is now aiming for a cost/income ratio of up to 75%.
Deutsche confirmed its annual revenue target of 26 billion euros – 27 billion euros, from 25.4 billion euros in 2021, but warned that the second half of 2022 would be more difficult than the first. He also warned that his full-year target of generating an after-tax return on tangible assets of at least 8% would become more difficult to achieve.
Deutsche has set aside 165 million euros for regulatory fines and legal costs, with most of that money going to a possible sanction on the use of WhatsApp and other communication channels not authorized by its personnel.