Lloyds has launched an artificial intelligence tool to help UK exporters reduce documentation errors that cost businesses an estimated 500,000 trading days annually through delayed payments and resubmitted paperwork.

Called Export Assist, the tool uses AI to check export documentation and identify potential errors before submission, helping businesses avoid discrepancy fees and payment delays. It is available to exporters across the UK, including those that do not bank with Lloyds, and costs £50 per use.

The tool is powered by TradeSpeed, a digital trade finance platform developed by financial technology company Complidata. It is designed to address problems with Letters of Credit, a payment mechanism that gives exporters greater certainty that they will receive payment for international shipments.

According to the International Chamber of Commerce (ICC), between 65 and 80 per cent of Letters of Credit documents are rejected because of errors. Correcting discrepancies can require businesses to amend and resubmit paperwork, with the process potentially delaying payments by several weeks.

Lloyds estimated the 500,000 days lost by calculating the average number of Letters of Credit received across the industry and multiplying this by the average delay. The calculation uses the bank's annual export Letter of Credit volumes and estimated market share to derive the size of the wider UK market.

Surath Sengupta, head of transaction banking products at Lloyds and board member of the International Chamber of Commerce UK, said Export Assist formed part of the bank's wider digital trade strategy.

"At Lloyds, we're building a digital-first trade offering that makes international trade simpler, faster and more efficient for UK businesses," he said.

The tool sits alongside the Lloyds International Trade Portal and the bank's commitment with UK Export Finance to make up to £2 billion of trade finance available to small and medium-sized and mid-corporate exporters.

Scottish-based Halspan, which exports to markets including India and the Middle East, was among the first businesses to trial the platform. Ruth Robertson, export manager at Halspan, said the technology had helped identify issues that might otherwise have been overlooked.

"Anything that can simplify and speed up the Letter of Credit process is a huge benefit," she said, adding that the checks had helped save time, reduce stress and increase confidence in submitted documents.

Ben Arber, chief executive of Complidata, said the platform combines trade finance expertise with technology to improve the likelihood of documents being accepted first time, helping exporters receive payment faster.

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