AI tool aims to recover up to half a million trading days lost by UK exporters every year
UK exporting businesses could unlock their full trading potential with the first AI tool from Lloyds designed to reduce the administrative burden which sees UK exporters losing up to 500,000 days of valuable time every year.
The tool helps exporters identify mistakes in documentation, reducing additional costs from discrepancy fees and the risk of payment delays, freeing up time and working capital to spend on growing their business’ overseas ambitions.
Export Assist, launched by Lloyds and powered by TradeSpeed, the leading digital platform of financial tech company Complidata, is available to UK exporters whether or not they bank with Lloyds.
Surath Sengupta, Head of Transaction Banking Products Lloyds and Board Member of the International Chamber of Commerce UK said:
“At Lloyds, we’re building a digital-first trade offering that makes international trade simpler, faster and more efficient for UK businesses. Export Assist is the latest part of that journey, combining digital innovation with the specialist expertise our clients need to trade and grow internationally.
“It sits alongside the Lloyds International Trade Portal, our award-winning digital trade solutions and our commitment with UK Export Finance to make up to £2 billion of trade finance available to SME and mid-corporate exporters, all focused on helping UK businesses save time, reduce costs and trade with confidence.”
One particularly complex part of exporting can be the documentation associated with exporters who use Letters of Credit, a mechanism that can give businesses greater certainty they will be paid when trading internationally. Limited time and resources can often leave smaller businesses more exposed to minor errors that can have a significant impact on transactions. Currently, around 65-80% of Letters of Credit documents are refused due to errors, causing exporters to lose an estimated 500,000 days per year in delays and resubmitting documents.
Errors or discrepancies in these documents can mean paperwork has to be corrected and resubmitted, potentially taking weeks to resolve and delaying payment. Export Assist uses AI to check the documentation and spot errors instantly, saving businesses time and money.
Halspan Ltd, a Scottish-based firm which exports to multiple markets including India and the Middle East, was among the businesses to first experience Export Assist.
Ruth Robertson, Export Manager at Halspan Ltd, said:
“Anything that can simplify and speed up the Letter of Credit process is a huge benefit. The platform thoroughly checked our documentation and highlighted things that may have been overlooked, helping save time, reduce stress and give us greater confidence in the documents we present.”
Ben Arber CEO Complidata said:
“Export Assist powered by TradeSpeed works the way Trade Finance does. It has the knowledge and technical expertise required to help make sure that exporter’s presentations are accepted upon first presentation. This enables exporters to save time and money while getting paid faster. By partnering with Lloyds, a leader in the international trade banking space, we are proud to bring this capability to their client base and support their commitment to exporters and to help make trade easier.”
