2023-06-20 10:03:22 ET
Cleareye.ai, a closely held firm that provides digital automation of trade compliance and operations, received a strategic investment from J.P. Morgan ( NYSE: JPM ), the company said Tuesday. Financial terms of the deal weren't disclosed.
Cleareye.ai's ClearTrade Platform for trade finance helps companies to identify trade-based money lanudering and sanctions red flags, automates manual checking processes, and is able to extract, validate and classify unstructured data, the company said.
"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 ( JPM ). "A manually intensive industry loaded with paper and loacking standardization, burdened by increasing cost base, needs real innovation in order to transform."
In addition ot the investment, Cleareye.ai is working with J.P. Morgan's Trade and Workin Capital unit to enhance its offering, Cleareye.ai said.
Cleareye.ai CEO Mariya George said the company will reinvest in technological innovation to bring "expert solutions powered by artificial intelligence to the forefront of bank's digital strategies."
JPMorgan Chase ( JPM ) has been investing in financial technology for years. In September, the company acquired payments fintech Renovite and was said to be in early talks to invest in Yapily , which connects thousands of banks to financial information and payment infrastructure.
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J.P. Morgan invests in trade finance tech firm Cleareye.ai