JP Morgan is developing a ChatGPT-like AI solution. Credit: Business Wire/ JP Morgan/ Cleareye.ai.

US-based financial services major JP Morgan has made a strategic investment in financial technology company Cleareye.ai.

The quantum of the investment was not disclosed. 

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Headquartered in California, Cleareye.ai offers an artificial intelligence (AI) and machine learning-powered trade finance solution ClearTrade. Trade finance is a type of financing offered by banks and other financial institutions to promote global trade. 

Cleareye.ai claims that its platform can scan trade documents to identify trade-based money laundering and sanctions red flags. 

JP Morgan global head of Trade and Working Capital James Fraser said: “A manually intensive industry loaded with paper and lacking standardisation, burdened by an increasing cost base, needs real innovation in order to transform. 

“We are delighted to invest in Cleareye.ai as they deliver this innovation through meaningful solutions for us and our global financial institutions clients.”

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The investment builds on the existing partnership, announced in September 2022, between JP Morgan’s Trade and Working Capital group and Cleareye.ai.

Cleareye CEO and co-founder Mariya George said: “We are thrilled to increase our work with JP Morgan, leveraging their investment to reinvest in our technological innovation, bringing expert solutions powered by artificial intelligence to the forefront of banks’ digital strategies.”

The bank’s investment in the technology company follows a report that JP Morgan is developing a ChatGPT-like AI solution. 

Called IndexGPT, the solution will leverage cloud computing software to analyse and select securities tailored to customer needs.