Amsterdam, March 14, 2019
- As of February 2019, Main Incubator will be supporting a fintech start-up Conpend
- With a new strong partner, Conpend’s technology supports Trade Finance digitisation, automation and compliance
Main Incubator, a Research & Development Unit of the Commerzbank Group, with a focus on innovative digital technologies partners with Conpend, a fintech that offers a market leading technology to streamline back-office operations and reduce risk.
Operating out of the Netherlands, Conpend supports a worldwide customer base in close collaboration with strategic partners.
“With Conpend, we are investing in an innovative solution that meets the current challenges in the area of trade finance. Remarking that 97% of all transactions are still paper-based and thereby highly error-prone and time-consuming, we are pleased to have found a strong partner in Conpend for the digitization and automation of the trade finance workflow,” said Christoph Osburg, Investment Manager at Main Incubator.
The Trafinas solution provides robotic process automation (RPA), Trade Based Money Laundering (TBML) detection and automated Document Examination based on Artificial Intelligence (AI) to extract data from unstructured text.
Trade Operations are at a high risk of missing essential sanction and compliance red flags, while document checking is time intensive and inconsistent inhibiting growth.
“From the start, we have been focused on creating a practical response to business challenges in close collaboration with our clients and partners. Utilizing Trafinas will help Banks and Corporates improve efficiency and reduce risk when processing Trade Finance transactions”, said Marc Smith, Founder and CEO of Conpend.