JPMorgan invests in financial technology provider Cleareye.ai
JPMorgan has made a strategic investment in Cleareye.ai, a fintech firm specializing in trade finance, the companies announced Tuesday.
The parties, who entered into the trading partnership last September, did not disclose the financial terms of the transaction.
Trade finance refers to financial products offered by banks and other institutions that facilitate global trade by reducing counterparty risk between importers and exporters.
Cleareye.ai operates a platform that it claims can speed up trade finance and compliance processes by analyzing documents and data and eliminating manual checks.
In April, Cleareye.ai announced that the US bank would use the company’s software to map data directly to the bank’s back-office system, using the extracted data to manage Manage compliance risk associated with each transaction. JP Morgan’s trade finance operations receive nearly 4 million individual documents each year.