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Trade Compliance News – February 2024

Trade Compliance News – February 2024 HMRC clarifies Import Risk Categories from EU to Great Britain To ease the confusion around BTOM declarations, HMRC have released more guidance on customs declarations. Starting March 15th, make sure you’re ready to submit full customs declarations or simplified ones (if you’re authorised) for specific imports. This change indicates that these are now considered controlled goods under the updated regulations. The categories are: — High-, medium- and low-risk animal products, and high-risk food and feed of non-animal origin from EU and European Free Trade Association (EFTA) countries —High-, medium- and low-risk plant and plant products from EU countries, Switzerland and Liechtenstein . Read more Key BTOM Checks May Be Skipped If UK Ports Face Congestion Information obtained by the Financial Times suggests that there’s a chance animal products coming into the UK from the EU might not undergo the required BTOM checks. These checks might be bypassed if British ports get too busy due to the application of the new post-Brexit border rules. Background Starting from the end of January 2024, new border rules called the Border Target Operating Model (BTOM) have been put into place. These rules categorise all animal products arriving from the EU into three risk categories: high, medium, and low. Medium- and high-risk meat products now need to have health certificates before they are allowed to enter the UK. Under these regulations, EU companies sending goods to the UK need to provide health certificates to UK port authorities 24 hours before their shipment arrives. This allows officials sufficient time to review the paperwork. If the paperwork isn’t checked before the goods arrive, they will automatically be scheduled for a physical inspection. Failure to submit the required paperwork will result in their shipment undergoing physical inspection. These checks will occur at specific border control posts designated for this purpose. Many of these control posts are expansions of current facilities that already inspect plant and animal goods from non-EU countries. And some posts have been created specifically for these new regulations. One example is a newly built £147 million facility near Dover in Sevington. This facility will handle all the products passing through the UK’s busiest port. Only 1 per cent of shipments were initially intended to undergo this process. However, as outlined in a contingency planning document, there’s concern that border control posts may not be fully prepared to conduct these checks by April. Introduction of Todcof The growing pressure on British ports dealing with the new post-Brexit border regulations indicates the potential necessity for a backup plan to manage any disruptions or congestion. This plan may involve implementing measures to prevent delays in transporting goods and ensuring the smooth entry of essential products like animal-derived foods into the UK. As part of the ongoing implementation of new import measures, meeting the deadlines for these checks might be challenging. Therefore, a temporary automated clearance process known as the ‘timed out decision contingency feature’ (Todcof) will be specifically applied to medium-risk animal products. This will be on an interim basis” as the government continues implementation of new measures on imports. The Todcof system would intervene to prevent goods from undergoing physical inspection. Instead, it would indicate that no documentary check was conducted, but the consignment has still been cleared for entry. This process will allow goods to enter the UK without requiring paperwork checks if there are capacity issues at border control posts. The Financial Times notes that the documents explaining the process haven’t been reported before and were posted on Portsmouth City Council’s website for the first time. What are the next steps? Things are changing, and we expect more updates in the coming months, especially by April 30th. Don’t worry, we’ll keep you informed every step of the way. At iCustoms, we’re here to support you with any help and guidance you need as these changes unfold. Explore iCustoms.ai’s AI-powered platform to optimise your customs and trade processes. Watch a Demo Now! EU’s latest Customs Binding Valuation Regulation has been Adopted The European Commission has given the green light to a new regulation that introduces binding customs value decisions (BVI) for traders and customs authorities in the EU, ensuring fairness and clarity for all involved. This will provide transparent and reliable instructions on how to calculate the customs value of goods entering or leaving the EU, which will directly affect the customs duties and fees required at the EU border. The regulation also updates the existing rules on binding tariff information (BTI) and binding origin information (BOI), which are used to classify goods and determine their origin for customs purposes. ​​The new rules will start on December 1, 2027, once the electronic system for managing BVI, BTI, and BOI decisions is up and running. These rules are based on the Union Customs Code, which guides customs laws in the EU. How does it work and what’s the process ? Economic operators need to ask for binding information. Customs authorities decide which customs valuation information is binding, including the method and criteria for determining goods’ customs value. They must review and approve decisions within seven days. If not satisfied, operators can appeal for legal clarification. When importing, the customs declaration must include the issued binding information and its reference number, matching the declared goods. To use a BVI decision for a specific customs procedure, the holder must prove that the goods and circumstances exactly match those described in the decision. Learn more Laws to Introduce Import labels for Businesses to Reduce Regulation Costs Great news for businesses! Businesses are set to benefit from reduced costs and burdens as import labels are made digital for the first time. New laws will bring digital labelling for UK businesses, reducing bureaucracy and saving millions in regulation costs. These reforms, spurred by Brexit, update UK regulatory requirements for the modern era. With digital labelling, businesses can now share crucial regulatory or manufacturing details online. This resource can then be used to expand and grow… Continue reading Trade Compliance News – February 2024

Brace Yourself For Another EU PoUS Change

Brace Yourself For Another EU PoUS Change Beginning March 1, 2024, companies involved in importing or exporting goods within the European Union will need to get T2L(F) documents through the new EU Proof of Union Status system (PoUS). Please note that paper-based T2L(F) documents will no longer be accepted. T2L(F) documents indicate that goods are moving freely within the European Union. When the destination is within the EU’s customs territory but outside its VAT area, a T2LF is used. In all other situations, a T2L document is required. The rollout of the new system will occur in two phases. The initial phase, starting on March 1, 2024, will involve the shift from paper T2L(F) documents to their digital versions within the PoUS system. The second phase will integrate the customs goods manifest, anticipated to be implemented by the third quarter of 2025. What is Union Status ? Goods are considered to have union status under specific conditions within the European Union. This includes goods obtained within the EU, imported into the EU and subsequently released into free circulation, or produced entirely from goods meeting these criteria. If goods do not meet these conditions for release into free circulation, they are classified as having “non-union” status. It’s important to note that all goods within the EU customs territory are initially presumed to have union status. This presumption arises because goods typically attain union status upon their release into free circulation. What are T2L and T2L (F) forms? T2L and T2LF forms serve the purpose of demonstrating that goods have recently been in free circulation within the EU but have temporarily left the community for transit purposes. It’s essential to note that the proof of union status provided by T2L and T2LF forms is only valid for 90 days from the date of registration. How does this impact you? If you want to keep using T2L(F) documents, you’ll need to switch to a new digital system called the PoUS platform on the EU Customs Trader Portal. From the 1st of March, any goods travelling on a T2L or a T2L (F) form must be declared electronically on the new EU Proof of Union Status (POUS) system, so you’ll be trading in your old paper documents for a newer, digital version. You’ll get a special number called an MRN from the system.To confirm your movement has been completed, you must electronically submit the Movement Reference Number of your clearance on arrival of the goods Remember to give this number to customs when your goods arrive. Finally take a quick look at your supply chain process to make sure everything’s ready for the change. Be in the know Contact us today and embrace the future of customs declarations with AI by your side! You may also like: 28 March 2024 iCustoms Board Member Series – Adnan Zaheer Read More 27 March 2024 iCustoms.AI Raises $2.2 Million to Revolutionise Trade Compliance with AI Read More 18 March 2024 Detoxing the Planet and paving the way for sustainable trade Read More 14 March 2024 iCustoms Board Member Series: Mark Pearson Read More 06 March 2024 Navigating the 2024 Landscape: Stability, Challenges, and Sustainability in the Global Supply Chain Read More About iCustoms iCustoms is an all-in-one solution helping businesses automate customs processes more efficiently. With AI-powered and machine-learning capabilities, iCustoms is designed to streamline your all customs procedures in a few minutes, cut additional costs and save time. Start Now Solutions Customs Agents Traders Couriers Products Import Export Classification Intelligent Document Processing Customs Audit Landed Cost Calculation Restricted Screening

Intelligent Document Processing Benefits for Customs Intermediaries

Customs intermediates play a crucial role in the dynamic and constantly evolving field of global trade, enabling the smooth movement of commodities across international boundaries. Because legal frameworks are complex and each customer has varying demands, each customs intermediary has unique obstacles when it comes to document processing. However, by using the revolutionary potential of intelligent document processing benefits, these businesses may guarantee unwavering compliance with regulatory requirements, expedite operational operations, and significantly enhance client happiness.

A 2019 McKinsey analysis on digital document processing underlines the difficulties associated with human data entry, such as lengthy processing times, higher mistake rates, and restricted data visibility for analytics. These problems are probably reflected in the environment of customs intermediaries, where efficiency and accuracy are critical.

Intelligent document processing offers a plethora of benefits that enable customs intermediaries to navigate the complexity of international trade with unmatched efficiency and precision. These benefits range from automating laborious paperwork duties to using advanced data validation procedures.

Challenges faced by different customs intermediaries

Understanding the challenges encountered by various customs intermediates during the customs procedure is critical for understanding the complexities of international trade.

Here, we examine the challenges that various customs intermediaries encounter:

1.1. Postal companies

Postal companies enable cross-border movements of goods by connecting businesses and individuals.

Challenges faced

  • Volume and diversity: Managing a substantial volume and a wide array of shipments poses a significant challenge. Each cargo requires customs paperwork, complicating things.
  • Regulatory compliance: Compliance with changing international commerce and customs standards is difficult. These requirements must be followed to avoid delays and issues.
  • Information accuracy: When processing a lot of items, customs declaration accuracy is difficult. Maintaining precision in documentation is crucial for the efficiency of customs processes.

1.2. Parcel companies

Parcel firms are critical to the smooth operation of global logistics, linking suppliers, manufacturers, and consumers globally.

Challenges faced

  • Sorting complexity: Careful sorting is necessary to manage customs declarations for several shipments with different contents and destinations, which poses operational obstacles.
  • Resource intensity: Manually handling and processing paper-based customs documents can be time-consuming and error-prone.
  • Timely submission: It presents logistical trouble to ensure that each parcel’s appropriate customs documentation is submitted on time, which affects overall efficiency.

1.3. Customs agents and brokers

By serving as a liaison between companies and customs officials, customs agents and brokers enable the efficient clearance of products.

Challenges faced

  • Regulatory understanding: It can be difficult to keep up to speed with the constantly changing and complicated world of customs rules, which calls for constant learning and adaptability.
  • Demands for accuracy: The duty to file customs documents accurately necessitates careful management of documents; mistakes might lead to fines and delays.
  • Burden of communication: Overseeing efficient communication amongst several stakeholders, such as customers and customs officers, adds another level of difficulty to the role.

1.4. Freight Forwarding

Forwarders play a crucial part in international shipping by coordinating the movement of commodities across several modalities.

Challenges faced

  • Multimodal complexity: Managing customs documentation for several transportation modes (air, sea, and land) adds a layer of complexity that must be seamlessly coordinated to prevent delays.
  • Regulatory divergence: It can be difficult to navigate diverse customs laws at different ports of entry, necessitating an in-depth understanding of regional variances.
  • Risk mitigation: Identifying and managing risks connected with customs compliance and documentation errors is a never-ending problem, given the financial and operational penalties.

1.5. 3PLs (Third-Party Logistics)

Third-party logistics companies provide complete assistance, including shipping, warehousing, and customs processing.

Challenges faced

  • Integration complexity: It is a technological and operational problem to integrate customs document processing with other supply chain processes smoothly.
  • Customisation requirements: Catering to the individual documentation demands of different clients and sectors requires flexibility and adaptation.
  • Compliance management: A reliable and up-to-date compliance management system is necessary to guarantee adherence to the various customs laws that apply in different regions.

Benefits of intelligent document processing for customs intermediaries

Several customs intermediaries can greatly benefit from intelligent document automation, which expedites their processes and boosts productivity. IDP benefits these customs intermediaries in the following ways:

2.1. Postal companies

Quicker processing of parcels

  • Automating data extraction and document pre-screening for import/export permits speeds up the first steps of the working process considerably.
  • The decrease in human data entry not only reduces mistakes but also speeds up customs declaration and shipping times.

Improved compliance

  • By proactively identifying any documentation that is absent or incorrect, one can ensure adherence to international trade regulations.

  • Automatic compliance checks and risk assessments help to reduce penalties and delays caused by noncompliance.

Improved customer experience

  • Increased customer satisfaction can be attributed to expedited delivery and real-time shipment tracking.
  • A simpler customs declaration procedure enhances efficiency while also reducing the need for customer queries and support.

2.2. Parcel companies

Enhanced performance efficiency

  • Automating sorting and sending based on customs reports speeds up the process of processing packages.
  • Optimising storage space and resource allocation greatly lowers manual handling and paperwork

Improved risk control and security

  • Security measures are strengthened by automated identification of restricted and forbidden commodities and items.
  • Simplifying trade control compliance and sanction checks enhances the overall detection of smuggling efforts and fraudulent documents detection.

Better analytics and data insights

  • It is possible to make better decisions by developing a deeper understanding of customer behaviour and customs clearance patterns.
  • Using data-driven insights to optimise pricing and service offerings boosts market competitiveness.

2.3. Customs agents and brokers

Enhanced client satisfaction

  • Delays are minimised, and clearing times are accelerated, which greatly increases client satisfaction.
  • Customs files that are more accurate and efficient improve the quality of the services supplied.

Lower operating expenses

  • Operational expenses can be significantly reduced by automating repetitive processes and human data entry.
  • Improving staff efficiency and resource allocation reduces mistakes and rework in customs processing workflows.

Enhanced competitive advantage

  • Offering speedier and more precise services than competitors provides a significant business advantage.
  • Adding value-added services like trade consultancy to the service portfolio strengthens customer connections and improves overall performance.

2.4. Freight forwarders

Streamlined multi-modal transport

  • Automating document processing for various modes of transportation increases the overall efficiency of customs procedures.
  • Streamlining the cargo clearance procedure at several ports of entry improves the transportation process as a whole.

Increased control and visibility

  • Visibility is greatly enhanced by real-time tracking of goods throughout the customs declaration procedure.
  • Effective risk management involves anticipating possible delays and hazards and taking proactive steps to prevent them.

Enhanced shipment updates and client communication

  • Client connections are strengthened by timely and honest communication of shipping updates.

Decreased liability and risk

  • The possibility of fines and penalties is reduced by ensuring that customs documentation is precise and compliant.

  • Protecting against responsibility for cargo damage or loss is an important part of overall risk management.

Increased control and visibility

2.5. 3PLs (Third-party logistics)

Improved end-to-end supply chain efficiency

  • Integrating IDP with warehouse management systems to enable smooth customs processing improves overall supply chain efficiency.
  • Optimising inventory management and logistics planning using customs data improves total lead times and boosts customer satisfaction.

Lower expenses and enhanced profitability

  • Cutting costs involves reducing delays and optimising customs procedures.
  • Using customs data to optimise storage and transportation costs boosts overall profitability and operational efficiency.

Takeaway

Customs intermediates confront a variety of obstacles in today’s changing global trade environment. The use of Intelligent Document Processing (IDP) emerges as a game changer, providing faster package processing, better compliance, and more customer happiness.

When customs intermediaries embrace IDP, they propel themselves into an era of remarkable efficiency and competitiveness, setting new standards in the complex industry of international commerce.

Ready to transform your customs operations? With iCustoms, discover the benefits of intelligent automation software and boost customer happiness, trade compliance, and efficiency. Use the iCustoms IDP software to embrace the future of global trade. Get started now!

FAQ's

Why use intelligent document processing in trade compliance?

Intelligent Document Processing guarantees that customs documentation is handled quickly and accurately, which improves compliance by proactively recognising missing or inaccurate papers.

What are the key benefits of document automation for customs agents?

Agents can work more efficiently by expediting clearing times, lowering manual labour, and increasing accuracy when document automation is implemented in the customs process.

What are the challenges in customs without an IDP solution?

Customs faces difficulties in handling large document quantities, guaranteeing regulatory compliance, and upholding documentation correctness without an IDP solution, which causes delays and operational inefficiencies.

What is the difference between automation and artificial intelligence?

Automation uses pre-programmed rules to simplify repetitive operations. However, Artificial Intelligence allows computers to learn, adapt, and make choices on their own, providing a more intelligent and adaptable solution.

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Best IDP Solutions Transforming Trade Compliance in 2024

The intricate world of international trade is experiencing an enormous rise in compliance obligations, requiring effective solutions. Trade compliance is becoming more difficult due to the dynamic nature of legislation and the complex network of cross-border activities. Businesses are facing more and more difficulties in trying to find a balance between adhering to these regulations and preserving smooth international trade. This complexity has increased the demand for creative solutions that can efficiently negotiate the complicated environment of trade regulations. This is where IDP solutions step in to assist you with all complicated trade compliance challenges.

A study by McKinsey & Company shows that the high cost of trade compliance (approximately 10%) increases the need for using IDP solutions. These solutions can potentially help reduce these costs by improving efficiency and accuracy in document processing.

Explore our guide to the top 5 intelligent document processing solutions, which is designed to help you identify the best fit for your requirements.

Trade compliance landscape in 2024

Businesses in 2024 face a challenging and constantly changing environment of trade limitations. Trade laws are becoming more stringent, increasing the possibility that businesses that violate them will face penalties. Complex and ever-changing regulations pose a risk of fines and legal issues for businesses. The pressure to comply and steer clear of hefty penalties is intense, pushing companies to adapt swiftly to changing rules and safeguard their brand image.

Manual compliance methods encounter inefficiencies, inaccuracies, and delays, hampering the flow of operations. Using manual methods to handle the complex web of trade regulations frequently results in inefficiencies due to the large volume of data and documents that must be processed. Human error might lead to violations of regulations when it comes to data entry or interpretation.

Furthermore, the manual method is sometimes time-consuming, which affects operational agility and slows trade transactions. All of these elements support the integrity of trade operations and are essential for companies trying to negotiate the complicated regulatory environment successfully.

Introduction to IDP solutions

The goal of intelligent document management systems is to transform the way businesses manage trade compliance completely. Their main role revolves around streamlining compliance processes using cutting-edge technologies like artificial intelligence and machine learning. By deciphering, analysing, and acting on large amounts of trade-related data and documentation, they speed up and enhance the accuracy of the entire compliance journey. As a result, businesses can handle their compliance-related responsibilities more effectively, cutting down on mistakes and saving valuable time.

Best IDP solutions for trade compliance in 2024

Best IDP solutions for trade compliance in 2024

IDP - iCustoms

Focus

Fundamentally, iCustoms IDP addresses the main obstacles to trade compliance that businesses encounter:

  • Easy adherence: Pre-designed workflows for different trade documents guarantee correct declarations, reducing the possibility of mistakes and the dreaded fines associated with non-compliance.
  • Time is money: Automating manual data input and document processing reduces clearing times, enabling you to focus on what matters most – your business.
  • Zero error: With 99% accuracy in the extraction of data and verification, iCustoms IDP eliminates the possibility of human errors, avoiding delays.

Strengths

  • Intelligent automation: Say goodbye to tedious documentation! You may concentrate on strategic decisions by leaving the document scanning, data gathering, verification, and submission to iCustoms intelligent document solutions
  • AI-Powered insights: Artificial intelligence and machine learning are constantly enhancing iCustoms IDP, so your trade compliance procedures remain innovative.
  • Seamless integration: Establish a direct connection with customs databases to submit data more quickly and transparently, increasing authority trust and accelerating approval processes.
  • Easy-to-use interface: No technical expertise needed! Using the sophisticated features of iCustoms IDP is a breeze thanks to its straightforward interface, even for non-techies.
  • Affordable solutions: iCustoms document management solution provides organisations of all sizes with pricing models that are competitive and adapted to their specific needs.

Target users

  • Customs agents and brokers: At iCustoms, we offer user-friendly tools and systems that help customs agents and brokers navigate intricate import and export laws, guaranteeing their clients’ smooth trade compliance.
  • Freight forwarders: iCustoms provides freight forwarders with simplified solutions to oversee compliance and documentation all through the transportation process, guaranteeing smooth and effective operations.
  • Third-party logistics (3PLs): iCustoms provides complete compliance management capabilities to support third-party logistics providers with storage, transportation, and distribution services.
  • Manufacturing: In the manufacturing industry, iCustoms supports maintaining trade compliance for incoming and outgoing shipments, optimising procedures, and lowering regulatory risks.
  • Retailers and e-commerce companies: iCustoms helps retailers and e-commerce companies comply with trade laws, especially when it comes to cross-border trade and online commerce.
  • Supply chain: With solutions that simplify compliance efforts among suppliers, distributors, and intermediaries, iCustoms supports a range of supply chain entities.
  • Transportation and logistics: iCustoms provides technologies that expedite trade compliance procedures for a range of transportation methodologies, guaranteeing seamless cross-border transfers for transportation and logistics organisations.
  • Postal and parcel delivery companies: iCustoms helps them manage the compliance requirements related to international shipments and customs rules, resulting in efficient operations.

IDP - Automation Anywhere

Focuses

  • Automating trade document processing: Automation of compliance duties, including invoice extraction and data collection from bills of lading and certificates of origin.
  • Increasing precision and decreasing mistakes: Using AI-powered data extraction and validation to reduce human mistakes and ensure faultless statements.
  • Increasing productivity and cutting down on time: Automating monotonous jobs to expedite their completion and free up resources for other vital tasks.

Strengths

  • Pre-built AI models: You can save time by starting early with trade-specific AI models for common documents.
  • Customisable AI: Train IDP to comprehend your specific document formats and data points for easy extraction.
  • RPA integration: Utilise RPA’s capabilities to automate every step of the trade compliance process, from data collection to submission.
  • Agility based on the cloud: Easily deploy and scale IDP without expensive on-premise infrastructure.
  • User-friendly interface: Without the need for technical knowledge, configure and manage workflows with ease.

Weaknesses to consider

Complexity: Some users may find Automation Anywhere IDP less user-friendly due to the need for technical know-how for sophisticated functionality.

RPA focus: Since the platform’s primary use case is RPA, its IDP features may not be as advanced as those of specialised IDP systems.

IDP - Gleematic A.I

Focuses

  • Trade compliance: Gleematic AI document processing involves extraction from invoices, bills of lading, and certificates of origin, reducing errors and simplifying declarations.
  • Global reach: Pre-built AI models handle trade paperwork in several nations and regions, simplifying regulatory compliance.
  • Reduced processing time: To speed up customs clearance and increase operational effectiveness, this software automates manual operations.
  • Risk identification: It helps you detect possible compliance problems early on to prevent penalties and mitigate them.

Strengths

  • User-friendly: Users may manage workflows and create extraction rules with a sleek UI.
  • Seamless integration: Facilitates easy connectivity between custom databases and current IT systems, enhancing data interchange and transparency.
  • AI-powered learning: It improves accuracy and flexibility by continuously optimising AI models using user data and industry trends.

Weaknesses to consider

  • Limited document types: Pre-built models cover popular trade documents, but unique forms may require customisation.
  • Regional customisation: Local restrictions may require customising AI models for specific countries.
  • Integration issues: Legacy systems, particularly older customs platforms, may require substantial modifications.
  • Compliance guidance reliance: Gleematic automates data extraction but has little regulatory interpretation or best practices guidance.
  • Scalability: Implementing IDP for large documents and complicated workflows may need infrastructure expansion and careful planning.

IDP - Super.ai

Focuses

  • Automate document chaos: It streamlines operations and eliminates manual errors by extracting invoices, bills of lading, and certificate of origin data.
  • Improving accuracy and lowering risks: The data extraction and validation accuracy ensures compliance declarations, shortens clearance times, and decreases penalty risks.
  • Optimising operations: It automates repetitive procedures, freeing up resources for higher-value work and speeding up trade processes.

Strengths

  • Pre-built AI models: Cut down on setup time and customisation requirements by utilising models for common trade documents that are ready to use right away.

  • User-friendly interface: Super.AI IDP is accessible to everyone, regardless of technical skill, allowing for easy configuration and management of workflows.

  • Agility based on the cloud: Easily expand and deploy without heavy on-premise infrastructure, allowing it to grow with your needs.

  • Seamless integration: Facilitates data interchange and process continuity by easily integrating with databases and current systems.

Weaknesses to consider

  • Niche document blues: Although standard business documents can be easily managed, uncommon and distinctive formats may necessitate specialised training.

  • Regional adaptation obstacles: Complicated local laws can call for extra effort to guarantee complete compliance.

  • Difficulties with legacy systems: There may be some technical nuances when integrating with older customs systems.

  • Superb compliance coach needed: While AI IDP is excellent at extracting data, its main focus isn’t on comprehending legislation and providing comprehensive compliance counsel.

  • Scaling up cautiously: To prevent bottlenecks and guarantee seamless operation, large document volumes and intricate operations require careful planning.

IDP - DOCSUMO

Focuses

  • Automation: Removes manual data entry and inaccuracies from invoices, bills of lading, certificates of origin, and other commercial papers.

  • Improving precision and lowering hazards: With a 98% accuracy rate for data extraction, Docsumo IDP guarantees compliance declarations, minimises clearing delays, and lowers the possibility of penalties.

  • Increasing operational efficiency: By automating repetitive activities like data validation and collection, resources may be allocated to higher-value work, resulting in faster trade processes.

Strengths

  • Pre-trained AI models: Reduce setup time and customisation requirements by starting quickly with ready-to-use models for common trade documents.

  • User-friendly interface: Docsumo IDP is accessible to everyone, regardless of technical skill, allowing you to configure workflows and manage AI models easily.

  • Constant AI learning: To increase accuracy and adjust to new document types, Docsumo IDP is always changing. It does this by learning from user data and industry trends.

Weaknesses to consider

  • Document niche: Challenges with unusual formats, such as handwritten bills of lading or invoices with unusual layouts.

  • Obstacles to regional regulation: May not be able to manage complex trade laws for particular product categories or in specialised areas.

  • Errors in legacy systems: Integration with internal systems or outdated customs platforms might be difficult and require technical solutions.

  • Coach for compliance needed: There is a lack of in-depth regulatory interpretation and precise compliance guidance.

  • Increasing carefully: Able to manage high numbers, yet, complicated procedures or abrupt rises in the flow of documents may result in bottlenecks.

Choosing the right IDP solutions

In comparison to other businesses providing comparable services, iCustoms stands out when evaluating an IDP (Intelligent Document Processing) solution for trade compliance for a number of reasons. The following are strong arguments for selecting iCustoms iDP over other options:

  • Trade compliance focus: Accurate declarations are ensured by iCustoms IDP, which lowers errors and fines and is essential for seamless compliance.

  • Automation & AI: iCustoms incorporates AI to improve automation, streamline operations, and accommodate changing compliance requirements.

  • User-friendly & seamless integration: Easily interfaces with customs databases and is easy enough for non-techies to handle even the most complicated operations.

  • Industry-tailored solutions: iCustoms provides industry-specific solutions for a range of trade industries.

  • Competitive pricing: Provides flexible rates that don’t sacrifice quality for businesses of all sizes.

How do iCustoms overcome weaknesses in other IDP solutions?

With its all-encompassing strategy, iCustoms IDP solutions overcome the shortcomings of other IDP solutions. For example, iCustoms shines by offering an intuitive interface that smoothly interfaces with customs databases, improving data exchange and transparency when other systems might fall short in these areas.

Step into effortless trade compliance! Discover how iCustoms iDP can improve your business’s productivity and operational efficiency. Get started right away to enjoy seamless compliance!

FAQ's

What is IDP automation?

IDP automation uses technology to effectively extract, verify and manage trade-related data, streamlining the document processing required for customs compliance.

What distinguishes IDP from RPA?

IDP focuses on intelligent document processing for trade compliance, whereas RPA (Robotic Process Automation) automates larger duties across many corporate operations.

What sets IDP solution apart from OCR?

IDP goes beyond OCR (Optical Character Recognition) by comprehending and processing trade-specific documents for compliance.

What does IDP processing entail?

IDP processing entails the use of modern technology to collect, evaluate, and manage trade-related data and documents while adhering to customs standards.

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iCustoms Achieves CCS-UK Accreditation: Your Air Cargo Just Got a Major Upgrade

iCustoms Achieves CCS-UK Accreditation: Your Air Cargo Just Got a Major Upgrade Trading by air just got smoother. Forget convoluted processes and mountains of paperwork. iCustoms, your trusted customs software partner, has joined forces with CCS-UK, the UK’s essential electronic air cargo community system, to create a streamlined experience for traders and agents like you. This CCS-UK accreditation is a testament to our unwavering commitment to innovation and exceeding the needs of our clients,” says Adnan Zaheer, iCustoms CEO, “We are thrilled to empower businesses with the solutions they need to soar to new heights of efficiency and unlock the full potential of air cargo trade. What is CCS-UK? Think of CCS-UK as your air cargo control tower. It’s a centralised platform where everything related to your shipments takes flight: customs declarations, tracking, inventory management, and communication with authorities—all under one roof. No more juggling fragmented systems or struggling with endless paperwork. CCS-UK puts everything you need at your fingertips, simplifying air cargo management like never before. iCustoms & CCS-UK: A Powerful Partnership With iCustoms on board, navigating CCS-UK becomes even more efficient. Here’s how this dynamic duo takes your air cargo clearance to new heights: Fast-track your clearance: Ditch the lengthy queues and frustrating delays. iCustoms facilitates seamless electronic customs declarations for air imports, slashing clearance times and getting your cargo airborne faster. Paperless perfection: embrace the digital age! Forget mountains of documents and manual data entry. iCustoms automates your air cargo processes, minimising errors and maximising efficiency. Confidence in the skies: Stay compliant and in control. iCustoms ensures accurate data exchange with CCS-UK, minimising the risk of fines and delays due to errors or non-compliance. Connected ecosystem: iCustoms doesn’t just streamline clearance; it connects you to the entire air cargo ecosystem. Communicate seamlessly with authorities, airlines, and ground handlers—all within the CCS-UK platform. Charting a Course for the Future This collaboration isn’t just about making the present smoother; it’s about building a future where air cargo logistics soar effortlessly. Upcoming developments include expanding CCS-UK integration to encompass exports and introducing cutting-edge features to optimise clearance processes further. Ready to take control of your air cargo clearance? Contact iCustoms today and discover how their CCS-UK-powered solutions can propel your business to new heights of efficiency and unlock the full potential of global trade. Embrace the future of air cargo logistics with iCustoms, your trusted co-pilot in every journey. You may also like: 28 March 2024 iCustoms Board Member Series – Adnan Zaheer Read More 27 March 2024 iCustoms.AI Raises $2.2 Million to Revolutionise Trade Compliance with AI Read More 18 March 2024 Detoxing the Planet and paving the way for sustainable trade Read More 14 March 2024 iCustoms Board Member Series: Mark Pearson Read More 06 March 2024 Navigating the 2024 Landscape: Stability, Challenges, and Sustainability in the Global Supply Chain Read More About iCustoms iCustoms is an all-in-one solution helping businesses automate customs processes more efficiently. With AI-powered and machine-learning capabilities, iCustoms is designed to streamline your all customs procedures in a few minutes, cut additional costs and save time. Start Now Solutions Customs Agents Traders Couriers Products Import Export Classification Intelligent Document Processing Customs Audit Landed Cost Calculation Restricted Screening

Trade Compliance News January

Gov UK

Are you prepared for the big CDS change on 30.03.2024?

All export declarations are due to move from our Customs Handling of Import and Export Freight (CHIEF) system to the new Customs Declaration Service (CDS) by 30 March 2024.

The Customs Declaration Service (CDS) is an essential tool for UK exporters to comply with the necessary customs procedures when exporting goods outside of the United Kingdom.  It’s a system that exporters use to make customs declarations.

How does this impact you?

This impacts businesses as they will have to use CDS to make export declarations for products they ship out of the UK after 30 March 2024. The CDS will handle all imports and exports arriving/departing the UK by land, air, or sea. This new system is intended to replace the existing Customs Handling of Import and Export Freight (CHIEF) system, which has existed for 30 years.

The CDS is designed to be more efficient and user-friendly, providing better access to information and reducing the time required for customs declarations. It’s resilient, cost-effective and offers greater functionality. This single system will streamline trading operations and be adaptable to the future needs of businesses.

The UK government anticipates that merging customs declarations into a single system will lead to cost savings for taxpayers. This move towards consolidation is expected to streamline processes and enhance efficiency, ultimately contributing to financial benefits for the public. It’s a strategic step designed to optimise resources and create a more economical and effective approach to managing customs declarations.

According to the Directors General for Borders and Trade at HMRC, “CDS is a key part of the government’s plans for a world-leading fully digitised border that will help UK businesses to trade and to prosper.”

Challenges

The new Customs Declaration Service (CDS) might make things a bit tricky for UK exporters. This system needs more detailed and accurate information, which could cause delays and extra costs if businesses aren’t ready. Also, because the CDS is more transparent, customs declarations might face closer inspection. It’s super important for businesses to get ready for these changes to avoid problems.

To learn more about making the switch to CDS for exports, Read more

European Commission

Important changes in the EU entry of goods by Sea and Inland Waterways

From 30 June 2024, economic operators carrying goods by sea, inland waterways, road and rail will have to submit a complete Entry Summary Declaration (ENS) dataset to ICS2.

This also includes postal and express carriers who transport goods using these modes of transport.It is essential to provide clear and precise descriptions of goods in straightforward language to enable customs authorities to accurately identify them.

The economic operators should pay particular attention to certain data requirements in the ENS: the HS commodity code (6 digit) of the goods, the EORI of the consignee established in the EU and the information about Seller and Buyer for goods delivered in the European Union.

Ensuring that all these data elements are accurately and comprehensively provided helps expedite customs clearance, reduces the risk of errors, and ensures compliance with relevant regulations. Economic operators should stay informed about any changes in customs requirements to maintain a smooth and efficient supply chain. Read more

Government Unveils Groundbreaking Critical Imports and Supply Chain Strategy

The UK government recently launched its ‘Critical Imports and Supply Chains Strategy,’ to fortify the resilience of the supply chain, a groundbreaking initiative to fortify the resilience of supply chains for essential goods entering the country.

Imported goods play a pivotal role in enriching our lives and sustaining the economy. The ‘Critical Imports and Supply Chains Strategy’ marks the UK’s first comprehensive approach to ensuring reliable access to essential goods, both now and in the future.

This strategic move comes in response to the escalating geopolitical challenges faced by global supply chains, resulting in significant delays and increased costs for shipments.

What’s the significance of this strategy?

In a world undergoing rapid transformation, the trading systems face unprecedented challenges and strain. Recent global events have underscored the critical importance of resilience in global supply chains, especially for essential imports. Developments beyond our borders can disrupt and reshape the flow of goods crucial to key sectors of our economy.

Recognizing the evolving landscape of global supply chains, the UK government, in its Integrated Review (IR) Refresh 2023, committed to publishing the ‘Critical Imports and Supply Chains Strategy.’ Aligned with the Border Target Operating Model, the UK will implement a new import control regime from 2024.

While the EU remains a significant trading partner, accounting for 49.6% of UK imports in the 12 months ending June 2023, this forward-thinking strategy positions the UK as a leader in business resilience and sustainability.

This regime aims to alleviate the burden of controls on importing businesses, enabling UK firms to capitalise on emerging trading relationships worldwide. As we navigate these changes, staying informed and adapting to the evolving trade landscape will be crucial for businesses and stakeholders across the supply chain. Read more

Be in the Know : Changes to Declaring Commercial Goods under £2500

The government recently updated the threshold of the maximum value for making simplified declarations of merchandise in baggage.

Commercial goods in your accompanied baggage, also known as merchandise in baggage, are goods which you plan to sell or use in your business.

You must declare all commercial goods. There is no duty-free allowance for commercial goods you bring in to sell or use in your business.

You can use the merchandise in baggage online declaration service to check the Customs Duty and VAT due on commercial goods you intend to bring in your accompanied baggage or small vehicle. You can then declare and pay the amount you owe.

Find out how to declare goods you’re bringing into or taking out of Great Britain to sell or use for your business that are under the total value of £2,500 and meet certain other conditions. Learn more

Institute of export and international trade

E signatures to remain legally binding for trade documentation

The government has confirmed that the electronic or e-signatures remain valid in connection with all UK export controls documents. This means that businesses can continue to leverage the benefits of electronic signatures without facing unnecessary bureaucratic hurdles.

In a recent announcement, the Export Control Joint Unit (ECJU) highlighted the ongoing significance of electronic signatures in international trade. The UK has been actively working towards digitising trade procedures, and the ECJU’s decision aligns with these efforts.This move is consistent with the UK’s 2025 Border Strategy, which aims to bring about a digital transformation in trade.

The ECJU recognizes that electronic signatures come in various forms and formats, emphasising that their effectiveness depends on the security of the business processes and technology used to create them.

This development has been met with positivity, particularly from experts in the field. This announcement was a ‘positive step’ in the broader strategy of modernising the UK’s borders and embracing digital trade.

In 2023, the Electronic Trade Documents Act (ETDA) became law, granting digital versions of essential trade documents the same legal standing as their paper counterparts.

The ECJU’s decision to continue accepting electronic signatures is seen as a positive development, aligning with the broader push towards digitalization in international trade. Read more

world customs organization

New WCO Secretary General vows to leverage technology to ease International Trade

On January 3, 2024, Mr. Ian Saunders became the new Secretary General of the World Customs Organisation (WCO). His vision involves working closely with both the government and private businesses, using technology to enhance global trade.

This change in WCO leadership was celebrated by a handover ceremony from Dr. Kunio Mikuriya, the outgoing Secretary General, at the WCO Headquarters in Brussels, Belgium.

Mr. Saunders was elected by the Members, represented by Directors General of Customs from around the world. Embarking on a five-year term, he brings a clear and forward-looking agenda to the forefront and inspires confidence in his capability to lead the WCO through the ever changing dynamics of international trade and security.

Aim and Vision

He aims to lead the organisation by creating strong partnerships between the public and private sectors, leveraging technology, and promoting inclusiveness for effective global Customs cooperation.

His vision emphasises transparency and openness as essential principles of good governance. He shared these thoughts in his first speech to the organisation, setting a tone of forward-thinking leadership and dedication to working together globally.

Future Opportunities

As the customs landscape welcomes this new leadership, it also presents amazing opportunities for significant progress in the world of Customs. This aligns seamlessly with iCustoms’ commitment to actively shaping the future of customs technology.

We aim to actively transform the future, contributing to a more efficient, secure, and interconnected global trade ecosystem. Read more

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About iCustoms

iCustoms is an all-in-one solution helping businesses automate customs processes more efficiently. With AI-powered and machine-learning capabilities, iCustoms is designed to streamline your all customs procedures in a few minutes, cut additional costs and save time.

Gearing Up for the Border Target Operating Model: A Smooth Transition for Businesses

Gearing Up for the Border Target Operating Model: A Smooth Transition for Businesses The Border Target Operating Model (BTOM) will go into effect on January 31st, bringing in a new era for British customs procedures. Although there might be some uncertainty, businesses that import goods directly from Ireland should be ready for a smooth transition. Here’s what BTOM means for you: Full customs controls: Prepare for import declarations (via HMRC Online Services), potential import duties, and physical checks on your goods at GB ports. Scope redefined: Exemptions exist for goods moving from or through Northern Ireland, qualifying NI goods, and those not directly entering GB from Irish ports. Stay informed about downstream effects on wider customs procedures and trade agreements. BTOM Timeline: Key Dates to Remember Date Changes Significance for Businesses January 31st, 2024 Introduction of health certification for some products Prepare for additional documentation and potential checks. April 30th, 2024 Documentary and risk-based checks on certain goods Update import processes and train staff on new procedures. October 31st, 2024 Ensure systems are ready for additional import data requirements. Safety and Security declarations become mandatory Action Plan before January 31st: Identify Impacted Goods: Clearly distinguish which imports fall under BTOM, focusing on non-qualifying NI goods, excise products, and those directly entering GB from Ireland. HMRC Online Services: Register for seamless declaration submission. Data Preparation: Gather product details, customs codes, values, and origin information to avoid last-minute hurdles. Invest in Training: Equip your team with BTOM knowledge and declaration skills through training programs or iCustoms resources. Logistics Reassessment: Analyse your supply chain and transportation routes, factoring in potential port delays with increased controls. Seek Expert Guidance: Partner with experienced customs brokers like iCustoms to navigate BTOM complexities and ensure efficient import processes. Navigating the New Landscape after January 31st: Point of Import Declarations: Submit declarations upon arrival at the GB port. Port Controls: Be ready for HMRC officials to conduct physical inspections and document reviews. Duty Payments: Promptly calculate and pay any applicable import duties to avoid delays and penalties. Stay Informed: Keep track of BTOM updates and clarifications from HMRC. iCustoms will be your trusted source! iCustoms: Your BTOM Partner for Success Adapting to new regulations can be daunting, but iCustoms is here to empower your business. We offer: Customised solutions: tailored to your specific import needs and BTOM compliance. Expert guidance: experienced professionals navigate the intricacies of BTOM for you. Efficient customs clearance: streamlined processes to ensure timely and cost-effective imports. Don’t let BTOM bring unforeseen disruption. Get in touch with iCustoms right now, and let’s collaborate to ensure that your business has a seamless transition on January 31st and beyond. Contact iCustoms now: https://www.icustoms.ai/contact-us/ With iCustoms by your side, BTOM becomes a bridge to opportunity, not an obstacle to success. Let’s navigate the new landscape together. You may also like: 28 March 2024 iCustoms Board Member Series – Adnan Zaheer Read More 27 March 2024 iCustoms.AI Raises $2.2 Million to Revolutionise Trade Compliance with AI Read More 18 March 2024 Detoxing the Planet and paving the way for sustainable trade Read More 14 March 2024 iCustoms Board Member Series: Mark Pearson Read More 06 March 2024 Navigating the 2024 Landscape: Stability, Challenges, and Sustainability in the Global Supply Chain Read More About iCustoms iCustoms is an all-in-one solution helping businesses automate customs processes more efficiently. With AI-powered and machine-learning capabilities, iCustoms is designed to streamline your all customs procedures in a few minutes, cut additional costs and save time. Start Now Solutions Customs Agents Traders Couriers Products Import Export Classification Intelligent Document Processing Customs Audit Landed Cost Calculation Restricted Screening

Financial Documents Processing with IDP for Customs

Financial documents are the backbone of global trade and are critical for customs purposes. They include invoices, statements, and receipts that detail what products are being traded, where they came from, and how the transactions are carried out.

These documents serve as the informational link that customs use to assess, tax, and regulate goods when they cross international borders. They are extremely significant since they essentially direct the customs procedure by affecting the importation or exportation of products and how they are assessed, taxed, and controlled.

According to a study by McKinsey Global Institute, streamlining customs procedures could decrease shipping and customs processing times by 16 to 28 percent. By alleviating existing obstacles that hinder the movement of goods, these technologies have the potential to increase overall trade by 6 to 11 percent by 2030.

The importance of these documents for customs declaration procedures cannot be overstated. They guarantee accuracy, transparency, and compliance with trade laws. The amount of complex information in these documents makes them difficult to handle by hand, which can lead to errors, hold-ups, and issues with adhering to regulations.

This is where intelligent technology can help solve these issues. It streamlines the management of customs financial documents by combining modern technologies like machine learning and artificial intelligence (AI). This automation improves precision, speeds up procedures, and guarantees more seamless adherence to changing customs laws.

This blog post will take you through how Intelligent Document Processing (IDP) helps with customs financial document automation.

Types of financial documents in customs

Financial_Document (1)

In customs, financial documents are records or documentation pertaining to the financial implications of importing products into the country from abroad. These documents may include:

Commercial invoice

This document includes information about the items’ kind, amount, value, terms of sale, and other pertinent details for customs valuation. It also contains details about the transaction between the purchaser and seller.

Packing list

This piece of document acts as both the shipper’s and the carrier’s contract, acting as a receipt for the goods sent. It specifies the kind, number, and destination of the products and is required for items to be claimed at the destination port.

Bill of lading

The list lists every single item in a shipment, together with information about its weight, size, and quantity. This makes it easier for customs officers to compare the information to the supporting documentation.

Certificate of origin

This demonstrates the product’s origin and may have an effect on the taxes and levies applied. It verifies the location of the products’ manufacture, processing, or production.

Export licence or permit

Some products need a particular permit or licence for exportation, which must be shown to customs.

The flow of financial documents in customs procedures

Financial documents move through customs processes in an organised manner that is essential for the cross-border import or export of commodities.

Origin and documentation

Financial documents are created by the seller or exporter and include information about the products being sent, their quantities, values, and transaction details. These documents come with the package and are necessary for starting the customs procedure.

Customs verification

These documents are shown to customs officers when they arrive at the customs checkpoint. They have a crucial function in ensuring that the commodities being imported or exported match the stated goods. They achieve this by using these documents. This assures adherence to laws and promotes transparency.

Duties and tax assessment

Customs officers utilise this information to determine taxes, duties, or other applicable fees to the products being imported or exported. The authenticity of the details given in the documents determines the accuracy of these assessments.

Transaction completion

The financial documents are sent to the buyer or importer once the customs procedure has been successfully finished and all applicable taxes and duties have been settled. These documents are critical in finalising the transaction and ensuring that all applicable regulatory responsibilities are met.

Encouraging smooth transit

In the end, these business financial documents’ precision and credibility contribute to the efficient movement of goods across international boundaries. In order to maintain the smooth flow of commodities in international trade, they guarantee compliance with customs requirements and operate as a record of the transaction.

Role of iCustoms’s IDP in handling financial documents

iCustoms_s_IDP_Role (2)

An essential part of customs operations is handling financial documents through the use of iCustoms and its Intelligent Document Processing (IDP) software.

Automating data extraction

To automatically extract relevant data from financial documents, iCustoms’ IDP software makes use of contemporary artificial intelligence and machine learning techniques. This contains important data such as the itemised items, quantities, values, and transaction information.

Improving accuracy

iCustoms’ IDP considerably lowers the margin for mistakes in comprehending and handling financial document information by utilising advanced recognition and verification methods. This precision guarantees correct goods assessment and adherence to customs requirements.

Simplifying customs procedures

The IDP system processes and verifies financial documents quickly, which speeds up the customs declaration process. This efficient method reduces delays and makes cross-border trade of products easier.

Minimising manual intervention

iCustoms’ IDP significantly reduces the requirement for substantial manual handling and financial document verification. In addition to saving time, this decrease in manual intervention also reduces the possibility of human error impeding customs procedures.

Facilitating seamless transactions

iCustoms’ IDP software helps to facilitate seamless transactions by offering dependable and correct data retrieved from financial documents. This makes it possible for importers and exporters to get through customs procedures quickly and effectively.

How does IDP streamline financial document processing for customs?

  • Automated Data Extraction: IDP quickly and precisely extracts important data from financial documents using cutting-edge technologies like artificial intelligence and machine learning.
  • Error Reduction: IDP reduces human error by automating operations, resulting in increased accuracy when processing financial documents.
  • Faster Verification: The automation expedites the procedures of validation and verification, resulting in faster clearance from customs.
  • Efficiency Improvements: IDP improves overall customs procedure efficiency by streamlining the handling of financial documents.
  • Enhanced Accuracy: IDP guarantees accurate handling and interpretation of data from customs financial documents through its automated processes.

Challenges addressed by financial document automation

Financial document automation addresses a number of issues to provide more efficient processes and improved results.

Accuracy and error reduction in financial statements

This software automates financial statements, which increases accuracy by reducing human error in the processing of financial data. This precision is critical for accurate valuation and regulatory compliance.

Efficiency and speed of financial document processing

Automation greatly reduces the time it takes to process financial documents, enabling faster processes in international trade and customs clearing.

Financial services compliance and regulatory requirements

Automated procedures aid in guaranteeing adherence to changing requirements. They lessen the chance of non-compliance and related penalties by helping to ensure that certain standards are followed.

Cost savings and resource optimisation with automation

By eliminating manual labour and simplifying procedures, automation lowers costs. This optimisation improves resource utilisation, which leads to increased operational efficiency and financial savings.

Future trends in financial document automation

Future developments in the automation of financial documents in customs include:

New technologies for automating customs

  • AI Integration: Automating the customs process by using AI to validate financial papers.
  • Blockchain Security: Using blockchain technology to provide transparent, safe financial records for customs.
  • NLP for Data Interpretation: Using Natural Language Processing to improve customs data processing.

AI's changing role in customs

  • Improved Risk Assessment:Developments in AI help to improve risk assessment for customs transactions.
  • Automated Compliance:Artificial Intelligence and machine learning are used to automate compliance inspections for customs laws.
  • Tailored Customs Solutions:AI solutions specifically designed to maximise trade efficiency by streamlining customs procedures.

The Bottom Line

The introduction of Intelligent Document Processing (IDP) for financial document processing in customs represents a revolutionary development in terms of accuracy, efficiency, and compliance. IDP improves the handling of complicated financial documents by utilising cutting-edge technology, avoiding manual errors, and greatly accelerating customs procedures. This revolutionary approach not only improves operating speed but also ensures regulatory compliance, increasing trust and safety in the process.

Discover the future of customs processing today by using iCustoms’ IDP solutions! Easily streamline your financial document management, improve accuracy, and speed up customs procedures. Contact us to learn how our innovative technology can revolutionise your operations and move your business forward.

FAQ's

What is intelligent automation?

Intelligent automation makes tasks more efficient and intelligent by utilising cutting-edge technology such as artificial intelligence.

What is intelligent document processing for financial services?

It involves the effective handling of financial documentation with technology, such as automatically extracting data from documents.

Why is document automation needed for financial services?

It's essential for processing financial documentation accurately and quickly, preventing mistakes and delays.

What is financial document automation?

Financial document automation uses technology to automate operations such as data extraction from invoices and statements, making managing documentation in financial transactions faster and more efficient.

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Struggling to Extract, Catagorise & Validate Your Documents?

Intelligent Document Automation

Capture & Upload Data in Seconds with AI & Machine Learning

About iCustoms

iCustoms is an all-in-one solution helping businesses automate customs processes more efficiently. With AI-powered and machine-learning capabilities, iCustoms is designed to streamline your all customs procedures in a few minutes, cut additional costs and save time.

Struggling to Extract, Catagorise & Validate Your Documents?

Intelligent Document Automation

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Understanding Northern Ireland Trade: Exploring the Windsor Framework

Understanding Northern Ireland Trade: Exploring the Windsor Framework The Windsor Framework was introduced in March 2023 to make Northern Ireland trade more efficient. With the advent of 2024, businesses still find it hard to adjust to regulations such as double rules, the ‘Not for EU’ label, and the red/green lane system. Simplifying the terminology: Dual Regulation: Under the ‘dual regulation’ system, some items intended only for Northern Ireland are subject to UK rules, while those that may enter the EU single market are subject to EU rules. Red/Green Lanes: For moving goods, the system introduces red and ‘green’ lanes. The ‘green lane’ expedites the procedure for products destined for Northern Ireland by requiring fewer checks and paperwork.  “Not for EU”: Foods that do not meet EU criteria can still be sold in Northern Ireland with a label that states ‘Not for EU.’ This helps to keep them from mistakenly entering the EU market. Trusted Trader system: The trusted trader system now allows reputable enterprises to expedite customs procedures by recognising their long track record. What does this mean for you? Reduced Checks and Documentation: Businesses, particularly those transporting goods to Northern Ireland, should expect smoother and faster customs operations with fewer checks and paperwork. Labelling Requirements: Understanding and accurately applying the ‘Not for EU’ label is critical to avoiding problems at the border. Increased Flexibility: Because of the dual regulation structure, firms in Northern Ireland have more flexibility in sourcing and selling things, making the process easier. Allow iCustoms to assist you with the following: Demystifying Dual Requirements: Our system simplifies classification, ensuring that each product complies with the appropriate requirements. Green Lane Optimisation: We’ll walk you through the green lane technique, which reduces paperwork and speeds up shipments. Expertise in “Not for EU” Labelling: We will help you comprehend and confidently implement the “Not for EU” labelling standards. Compliance Trust: We give real-time regulatory information as well as a full set of tools to help you stay in compliance. Ongoing Monitoring: We will keep you informed of any modifications to the Windsor Framework that may occur in 2024. Insights into EU-UK Relations: Our expert analysis offers light on the shifting dynamics of the UK-EU trade relationship, allowing you to adjust your strategy accordingly. Holistic Trade Solutions: Going beyond the Windsor Framework, we offer comprehensive solutions covering every aspect of UK-EU trade for your peace of mind Don’t let the complexity of Windsor Framework hold you back anymore!  Explore iCustoms tailored solutions by visiting our website or reaching out for a personalised consultation today. Resources: https://www.gov.uk/government/news/government-introduces-bill-to-fix-the-northern-ireland-protocol https://www.gov.uk/food-labelling-and-packaging You may also like: 28 March 2024 iCustoms Board Member Series – Adnan Zaheer Read More 28 March 2024 Future of Customs: The Role of AI in Border Security Read More 27 March 2024 iCustoms.AI Raises $2.2 Million to Revolutionise Trade Compliance with AI Read More 22 March 2024 Streamline Logistics Operations with iCustoms Document workflow automation Read More 21 March 2024 5 Reasons Every Global Trader Needs Workflow Automation Read More About iCustoms iCustoms is an all-in-one solution helping businesses automate customs processes more efficiently. With AI-powered and machine-learning capabilities, iCustoms is designed to streamline your all customs procedures in a few minutes, cut additional costs and save time. Start Now Solutions Customs Agents Traders Couriers Products Import Export Classification Intelligent Document Processing Customs Audit Landed Cost Calculation Restricted Screening

How Generative AI is Transforming Businesses Globally?

How Generative AI is Transforming Businesses Globally? Recently, there has been a significant shift propelled by generative AI and ChatGPT, demonstrating how companies can add significant value to their customers. As trade rules become more complex and businesses have to deal with increasing amounts of data, generative AI will become a crucial tool for companies that must comply with trade laws iCustoms Leading the charge As the global trade economy grows, iCustoms is leading the way in implementing cutting-edge technologies and transforming the customs technology sector. Recent Advances in the Use of Generative AI in Trade Compliance Here are some ways generative AI is used in the trade compliance industry: Automation One of the ways that generative AI is impacting the trade compliance industry is through the automation of compliance processes. Traditionally, trade compliance processes were very manual, and it took a lot of time and money to ensure that all rules were followed. With generative AI, businesses can automate a lot of these tasks, which lowers the chance of mistakes and speeds up compliance checks. In its Intelligent Document Processing module, for example, iCustoms uses AI to automate the processing of documents. IDP takes information from any customs document in any format (image, semi-structured, PDF, XLS, etc.) and fills in customs declarations in seconds with 99% accuracy. Risk management Generative AI can also improve risk management in the trade compliance industry. AI can find areas of risk for businesses, like transactions that may be more likely to break trade rules, by analysing a lot of data from various sources. This can help businesses better manage risk and ensure they stay in line with trade laws and rules. iCustoms AI Rules Engine functionality assesses transactions against thousands of customs rules in real-time, ensuring the accuracy of 99% of customs declarations. This is ground-breaking technology. HS code lookup Finding and allocating the correct HS codes is one of the main challenges in the trade compliance industry. There are legal implications for using incorrect HS codes and, as a result, paying incorrect duties and taxes. iCustoms HS lookup service is the most advanced tool in the market, which requires only the product name to predict the HS codes with an accuracy of over 95%. It uses multiple layers of machine learning and AI technologies, including generative AI. It analyses the features and characteristics of a product and generates a detailed description that includes information about its composition, materials, intended use, and other relevant details. This description is then used to determine the appropriate HS code in real time. Generative AI helps streamline the HS code-finding process and reduce the risk of errors or misclassification, ultimately saving time and money for businesses involved in international trade. Conclusion In conclusion, generative AI could change the customs technology industry in a lot of interesting ways. However, it is essential that businesses use generative AI responsibly and carefully to ensure that it is used to promote the public good and not to harm it. Email the iCustoms team at info@icustoms.ai to learn how we are revolutionising the trade compliance business with AI and cutting-edge technologies. You may also like: 28 March 2024 iCustoms Board Member Series – Adnan Zaheer Read More 27 March 2024 iCustoms.AI Raises $2.2 Million to Revolutionise Trade Compliance with AI Read More 18 March 2024 Detoxing the Planet and paving the way for sustainable trade Read More 14 March 2024 iCustoms Board Member Series: Mark Pearson Read More 06 March 2024 Navigating the 2024 Landscape: Stability, Challenges, and Sustainability in the Global Supply Chain Read More About iCustoms iCustoms is an all-in-one solution helping businesses automate customs processes more efficiently. With AI-powered and machine-learning capabilities, iCustoms is designed to streamline your all customs procedures in a few minutes, cut additional costs and save time. Start Now Solutions Customs Agents Traders Couriers Products Import Export Classification Intelligent Document Processing Customs Audit Landed Cost Calculation Restricted Screening

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Winner - "Customs Technology Partner of the Year" by MultiModal Awards