In processing a LC or Open Account transactions, one of the biggest delays and hassles is the difficulty in identifying the associated documents to be able to check that the transaction is correct and approved. Having a scan of all the documents associated with the trade transaction, of which there can be over a hundred,  is not enough, the approver needs to be able actually search these scanned documents. 

For many corporates the idea of having all these trade documents digitised is a distant dream - just ask Bolero and essDOCS. This is where the new CashPro Trade scanning and digitization technology comes in.

CashPro Trade document image processing 

BofA Merrill CashPro Trade’s new scanning and digitization technology enables the bank staff to scan incoming paper trade documents and the additional metadata, which are then linked to associated instruments and viewable on CashPro Trade.

The approver of the trade transaction is able to see all the associated documents and of the metadata for ease of identifying specific documents, see screenshot below.

CashPro Trade image indexing

Source & Copyright©2016 - BofA Merrill 

Not only is the client able to see all the documents, they are able to search across the documents, e.g. entering invoice 12345 or amount $22,300,000 will display all documents containing this figure or amount., see screenshot below.

CashPro Trade image indexing search

Source & Copyright©2016 - BofA Merrill 

No wonder this facility is popular with clients: Betsey Terry, manager of Merchandise Operations for Gymboree, an international retailer of high-quality apparel and accessories for children, commented on the new functionality, “The document images module is a great example of the bank’s willingness to listen, and to deliver an enhancement that leverages new technologies to streamline our processes.”

CashPro Trade future development

The strapline for CashPro Trade is “Making global trade simpler” and as part of this focus, BofA Merrill has not tied their portal to one particular trade platform, instead they have focused on general connectivity. So CashPro Trade is able to connect to their clients and to all the trade platforms regardless. Ann F. McCormick, Director, Trade and Supply Chain Product Enablement and Solutioning at BofA Merrill explains, “This image indexing search enhancement reflects our ongoing commitment to delivering easy to use tools that work seamlessly with the client’s infrastructure.”