Services
The client is an American multinational investment bank and financial services company. It was in search of a cutting-edge solution to manage documents.
The client used manual processes for credit approval and generating letters of credit. This required humans to assemble documents and make decisions, which stretched the time needed for approval and created a cost overhead.
We, at Mphasis, overcame these challenges by developing an automated process for collecting and analyzing documents using machine learning and decision making. Our solution worked through the following steps:
• Extraction of multiple fields from various trade finance documents such as letter of credit, bill of lading, etc
• Evaluation of values for consistency between documents
• Validation for compliance of documents and fields
Through our solutions, the client was able to reduce manual intervention and turnaround times for credit approvals