SECURING TRADE FINANCE FRAUDS AND WITH DIGITALIZATION
SBI Global Factors Ltd (SBIGFL), a SBI subsidiary, aimed to be India’s premier factoring company, sought to mitigate high fraud instances in invoice discounting through risk-based assessments. With the GST-focused approach leveraging Intelligent Document Processing (IDP) for secure data extraction, enabling real-time data authenticity and validations. Implementation included e-invoice applicability checks, QR code-based validations, and automated verification of B2B supplies. The success delivered efficient trade finance, a 70% reduction in decision-making time, and minimized post-financing audit operations.