Ripple partner CGI partnered with two major banks of Canada to help them accelerate their digitization

According to a company press release, Ripple partner public company CGI has partnered with two major banks of Canada – the Bank of Montreal and the National Bank of Canada – to help them accelerate their digital transformation via the CGI Trade360 trading flow.

Ripple partner CGI teams up with Bank of Montreal and National Bank of Canada

It is known that Ripple and CGI have cooperated since 2015. The purpose of the pilot is to help these banks and others accelerate their digital transformation by automating paper document flows, ultimately improving their trade finance operations, compliance, and relationship management. CGI collaborated with technology partner Conpend, a leading provider of artificial intelligence solutions for trade finance processes, in planning and executing the pilot project.

The pilot proved the integrated CGI Trade360 and Conpend solution increased the efficiency and effectiveness of trade finance processes for the participating banks. The project team also documented accuracy and data capture rates as part of a broader set of metrics, which will benchmark the commercial version of the Trade AI platform.

“We at BMO view this initiative as foundational in our ambition to be a digitally enabled Global Trade Finance business. Integration to our core CGI Trade360 platform will enhance operational efficiency and our client experience with this proven intelligent process automation. We appreciate the partnership with CGI and Conpend in our digital transformation journey,” said Dean Gillis, Managing Director & Head, Global Trade, BMO.

The Bank of Canada thinks that Ripple’s partner CGI will help them produce better and faster digital solutions for their financial trade operations.

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