Cloud-native trade finance platform TradeSun has big buy-in from JPMorgan Chase.

Founded in 2018, TradeSun automates cybersecurity, compliance and document processing for digital trading at banks, and counts technology consultancy IBM among its partners. Central to TradeSun’s growth is a partnership with $4 trillion JPMorgan Chase, which began with a request for proposal in 2019 and has given TradeSun the “domain knowledge and data” to scale operations, Nigel Hook, co-founder and chief executive, told Bank Automation News.

“We spent a lot of time with [JPMorgan], making sure we’ve got all their knowledge imbued into the AI brain, to be able to transact as they would to their exacting standards,” Hook said. “Their plan was to bring this out internally, but they were going to bring this out to their correspondent bank network.”

The challenge in aligning with JPMorgan, aside from rigorous data and technology standards, was the digitization of information, he said. Transcribing from documents to enable trade transactions is difficult to do accurately, Hook told BAN. Most important, however, is ensuring compliance and security across the platform.

“The most important step is compliance. JPMorgan’s had a fantastic reputation there and they want to keep it right,” Hook told BAN. “Being able to comply with different regulatory bodies, like the [Financial Conduct Authority] in the U.K., and the [Office of the Comptroller of the Currency] here in the U.S., is what [JPMorgan has] been teaching TradeSun.”

Late last month, TradeSun announced the hiring of Bhumish Shah as chief technology officer. He most recently served as executive director at JPMorgan Chase with a focus on cloud-based banking solutions.

TradeSun is a member of BAN’s Emerging Fintech Directory.

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