Cleareye.ai, a closely held firm that provides digital automation of trade compliance and operations, received a strategic investment from J.P. Morgan.
In brief:
- Financial terms of the deal weren't disclosed.
-Cleareye.ai's ClearTrade Platform for trade finance helps companies to identify trade-based money laundering and sanctions red flags, automates manual checking processes, and is able to extract, validate and classify unstructured data
-In addition to the investment, Cleareye.ai is working with J.P. Morgan's Trade and Working Capital unit to enhance its offering
What does this mean?
"Future proofing trade operations has been at the forefront of J.P. Morgan's digital strategy in Trade & Working Capital," said James Fraser, global head of Trade & Working Capital for J.P. Morgan. "A manually intensive industry loaded with paper and lacking standardization, burdened by increasing cost base, needs real innovation in order to transform."
