Cleareye.ai is a financial technology company that specializes in trade finance, and on Tuesday, the firms announced that JPMorgan (JPM.N) has made a strategic investment in the company.
The parties, who joined into a business partnership in September of last year, did not offer any information on the financial details of the deal.
commerce finance is the term used to describe the financial products and services provided by banks and other financial institutions with the intention of easing the burden of counterparty risk that is associated with international commerce.
Cleareye.ai runs a platform that, according to the company, can speed up the procedures involved in trade finance and compliance by analyzing documents and data and doing away with the need for manual inspections.
In April, Cleareye.ai made the announcement that a bank in the United States would utilize the software developed by the firm to map data straight to the back-office system used by the bank. The bank would then use the data that was extracted to manage compliance risks connected with each transaction.
Each year, the trade finance unit of JP Morgan gets close to 4 million unique papers.