{"id":44269,"date":"2021-03-19T17:26:20","date_gmt":"2021-03-19T17:26:20","guid":{"rendered":"https:\/\/www.tradefinanceglobal.com\/?page_id=44269"},"modified":"2025-02-26T14:25:32","modified_gmt":"2025-02-26T14:25:32","slug":"optical-character-recognition-ocr","status":"publish","type":"page","link":"https:\/\/www.tradefinanceglobal.com\/tradetech\/optical-character-recognition-ocr\/","title":{"rendered":"Optical Character Recognition"},"content":{"rendered":"\n<div class=\"wp-block-columns container w-auto is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"block-header-without-image d-flex flex-direction-column justify-content-center\">\n    <h2 class=\"fs-32 fw-700 fs-xs-28 not-for-table-content\" id=\"heading-optical-character-recognition\">\n        Optical Character Recognition    <\/h2>\n    <div class=\"d-grid grid-col-2 grid-col-xs-1\">\n                            <div class=\"\">\n                <div>Last updated on 26 Feb 2025<\/div>\n                <div>19 Mar 2021 . 2 min read<\/div>\n            <\/div>\n            <\/div>\n    <\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\"><figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"869\" height=\"352\" src=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition.jpg 869w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition-300x122.jpg 300w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition-768x311.jpg 768w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition-320x130.jpg 320w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition-370x150.jpg 370w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition-414x168.jpg 414w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition-600x243.jpg 600w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition-372x151.jpg 372w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition-450x182.jpg 450w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition-380x154.jpg 380w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/05\/Optical-Character-Recognition-285x115.jpg 285w\" sizes=\"auto, (max-width: 869px) 100vw, 869px\" \/><\/figure><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns container w-auto is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"block-buttons bg-anti-flash-white rounded p-24 h-100 xs-h-auto\" style=\"background-color: #f2f5f7 !important;\">\n  <div class=\"d-grid grid-col-1 grid-col-xs-1 mb-12\">\n    <h4 class=\"not-for-table-content fs-24 fw-700\" id=\"heading-tradetech-overview\">TradeTech Overview<\/h4>\n  <\/div>\n  <div>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/\">\n        Introduction to TradeTech      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/introduction-to-trade-digitalisation-tradetech\/\">\n        Technology in Trade      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/blockchain\/\">\n        Introduction to Blockchain      <\/a>\n      <\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<div class=\"wp-block-columns container w-auto country-quick-link h-100 mb-0 is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33%\"><div class=\"block-buttons bg-anti-flash-white rounded p-24 h-100 xs-h-auto\" style=\"background-color: #ebf5f4 !important;\">\n  <div class=\"d-grid grid-col-1 grid-col-xs-1 mb-12\">\n    <h4 class=\"not-for-table-content fs-24 fw-700\" id=\"heading-technologies\">Technologies<\/h4>\n  <\/div>\n  <div>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/cloud-computing\/\">\n        Cloud Computing      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/optical-character-recognition-ocr\/\">\n        Optical Character Recognition (OCR)      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/application-programming-interfaces-api\/\">\n        Application Programming Interfaces (API)      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/big-data-analytics\/\">\n        Big Data Analytics      <\/a>\n      <\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33%\"><div class=\"block-buttons bg-anti-flash-white rounded p-24 h-100 xs-h-auto\" style=\"background-color: #e5f5ff !important;\">\n  <div class=\"d-grid grid-col-1 grid-col-xs-1 mb-12\">\n    <h4 class=\"not-for-table-content fs-24 fw-700\" id=\"heading-developing-technologies\">Developing Technologies<\/h4>\n  <\/div>\n  <div>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/internet-of-things-iot\/\">\n        Internet of Things (IoT)      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/artificial-intelligence-ai\/\">\n        Artificial Intelligence (AI)      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/distributed-ledger-technology-dlt\/\">\n        Distributed Ledger Technology (DLT)      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/quantum-computing\/\">\n        Quantum Computing      <\/a>\n      <\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33%\"><div class=\"block-buttons bg-anti-flash-white rounded p-24 h-100 xs-h-auto\" style=\"background-color: #E6FAFE !important;\">\n  <div class=\"d-grid grid-col-1 grid-col-xs-1 mb-12\">\n    <h4 class=\"not-for-table-content fs-24 fw-700\" id=\"heading-resources-guides\">Resources &#038; Guides<\/h4>\n  <\/div>\n  <div>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/research\/\">\n        TradeTech Research      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/itc-ai-guide\/\">\n        ITC AI Guide 2024      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/editions\/tradetech-whitepaper-2021\/\">\n        TradeTech Whitepaper 2021      <\/a>\n          <a class=\"d-inline-block mr-10 mb-10 py-8 px-16 rounded bordered border-light text-black bg-white fs-14 fw-700\" href=\"https:\/\/www.tradefinanceglobal.com\/editions\/blockchain-dlt-trade-guide-2020\/\">\n        WTO DLT Guide 2020      <\/a>\n      <\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns container w-auto is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<p><\/p>\n\n\n<div class=\"bg-light-blue d-flex gap-16 h-auto p-16 rounded xs-flex-direction-column\">\n    <div class=\"\">\n    <img decoding=\"async\" style=\"min-width:100px;max-width: 150px\" src=\"https:\/\/secure.gravatar.com\/avatar\/c5c7f46c74d085beb1f2c4863fc91b31?s=160&#038;d=mm&#038;r=g\" class=\"w-100 rounded\">\n  <\/div>\n  <div class=\"col-span-2 col-span-xs-1\">\n    <div class=\"d-flex flex-direction-column gap-16 fs-16 justify-content-between\">\n      <div class=\"fs-16 fw-700\">Deepesh Patel<\/div>\n      <div class=\"fs-14 fw-400 elipsise-2-line\" title=\"Deepesh Patel is Editorial Director at Trade Finance Global (TFG) and host of Trade Finance Talks. Deepesh regularly chairs and speaks at international industry events held by the IFC, EBRD, IMN, WTO, Financial Times and Economist Impact, as well as industry associations including ICC, FCI, ITFA, ICISA and BAFT.\">\n        Deepesh Patel is Editorial Director at Trade Finance Global (TFG) and host of Trade Finance Talks. Deepesh regularly chairs and speaks at international industry events held by the IFC, EBRD, IMN, WTO, Financial Times and Economist Impact, as well as industry associations including ICC, FCI, ITFA, ICISA and BAFT.      <\/div>\n      <div>\n        <a class=\"text-black fs-12 small-link-arrow-right\" href=\"https:\/\/www.tradefinanceglobal.com\/posts\/?author=57\">\n          <span>\n            Latest Post          <\/span>\n        <\/a>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n\n<p><\/p>\n\n\n<div class=\"block-cta p-24 h-auto rounded\">\n    <h4 id=\"heading-download-our-tradetech-whitepaper\" class=\"fs-24 fw-700 elipsise-2-line dark:color-white not-for-table-content\">\n    Download our Tradetech Whitepaper  <\/h4>\n  <p class=\"fs-16 fw-400 dark:color-white\">Accelerating trade digitalization to support MSME financing<\/p>\n  <div class=\"mb-20\">\n    <img loading='lazy' alt='Editions-Tradetech-Whitepaper-2021' style='width:auto; height:200px'  width='auto' height='auto' src='https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-150x150.jpg' srcset='https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-300x300.jpg 300w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-150x150.jpg 150w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-320x320.jpg 320w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-370x370.jpg 370w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-414x414.jpg 414w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-200x200.jpg 200w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-250x250.jpg 250w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-162x162.jpg 162w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-159x159.jpg 159w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-123x123.jpg 123w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021-190x190.jpg 190w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2024\/08\/Editions-Tradetech-Whitepaper-2021.jpg 600w' \/>  <\/div>\n      <a href=\"https:\/\/www.tradefinanceglobal.com\/login\/?redirect_url=https%3A%2F%2Fwww.tradefinanceglobal.com%2Fwp-json%2Fwp%2Fv2%2Fpages%2F44269\"  class=\"dark:text-black px-16 py-8 rounded bg-black text-white fs-14 fw-700 dark:bg-tale\">\n      <span>Download<\/span>\n    <\/a>\n    <\/div>\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-content\">Content<\/h2>\n\n\n<div class=\"block-table-content h-auto bg-white auto\">\n    <ul class=\"table-content\"><\/ul><\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p><\/p>\n\n\n<div class=\"block-content align bg-tale rounded p-24 fs-16 h-auto wp-block-acf-block-content\"style=\"background-color: #FFFFFF;color: #002F4D;\"\n>\n    <p>Optical Character Recognition (OCR) is a technology that converts scanned or printed text images, such as handwritten or printed documents, into machine-encoded text that can be processed further. OCR is a common method of digitizing printed texts so that they can be electronically edited, searched for and used in other digital processes.<\/p>\n<\/div>\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-group\" style=\"font-size:16px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" id=\"h-potential-benefits-for-msmes\">Potential benefits for MSMEs<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">OCR technology allows paper documents to be scanned and converted into digital formats. As it seems clear that paper in global trade will not go away quickly, OCR provides a means for interacting with clients who can\u2018t or won\u2018t deliver the data in a structured format, and this allows the user to easily find any kind of document simply by typing the details into a search bar, rather than searching through boxes of unorganized documents. In an industry with 4 billion pages in circulation and millions of hours spent on examining these pages, OCR technology is acting like a bridge between technology and processes that can only be done by hand. For most MSMEs, the benefits of OCR will be experienced indirectly through lowered costs due to less manual input.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-use-cases\">Use cases&nbsp;<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">According to the&nbsp;<a href=\"https:\/\/iccwbo.org\/publication\/global-survey\/#section--download\" target=\"_blank\" rel=\"noreferrer noopener\">ICC Global Survey 2020,<\/a>&nbsp;28 per cent of banks are using OCR for data extraction and creating searchable documents, including big banks active in trade finance, such as HSBC and Standard Chartered. OCR is also being used by various fintech companies active in the trade digitalization space, often in conjunction with other digital technologies, in particular artificial intelligence (AI) and machine learning (ML).&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">Traydstream, for example, is a cloud-based solution that digitizes documentary trade (letters of credit, documentary collections and open account financing) into a machine-readable format, using ML to automate the scrutinizing, clause-matching and rules- and\u202fcompliance-checking processes.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p style=\"font-size:16px\">Nabu is another fintech company that uses OCR, natural language understanding and deep learning to digitize the manual processes of trade finance.<\/p>\n<\/div><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-1024x1024.jpg\" alt=\"Difficulty Adopting\" class=\"wp-image-44301\" srcset=\"https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-1024x1024.jpg 1024w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-300x300.jpg 300w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-150x150.jpg 150w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-768x768.jpg 768w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-1536x1536.jpg 1536w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-2048x2048.jpg 2048w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-320x320.jpg 320w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-370x370.jpg 370w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-414x414.jpg 414w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-200x200.jpg 200w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-250x250.jpg 250w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-162x162.jpg 162w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-159x159.jpg 159w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-123x123.jpg 123w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-190x190.jpg 190w, https:\/\/www.tradefinanceglobal.com\/wp-content\/uploads\/2021\/03\/Industry-impact-versus-implementation-difficulty-for-technologies-in-international-trade-and-MSME-financing-scaled.jpg 1300w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-addressing-ocr-challenges\">Addressing OCR challenges<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-group\" style=\"font-size:16px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p style=\"font-size:16px\">Unlike most of the other technologies discussed in this publication, it is the technology itself that seems to be the greatest challenge for OCR. The technology is not perfect, the best you can get is 85-90 per cent effective. Furthermore, these accuracy challenges are only exacerbated for non-Latin or non-romance languages, meaning that all documents require assistance by human intervention. This need to continue allocating human resources to the task of document review drastically reduces the expected benefits of the technology, and this may affect the likelihood of its corporate adoption, given that integrating these solutions into existing processes of banks and corporates can be expensive. These concerns are exacerbated by a seeming lack of motivated talent in the field. Most people working in computer vision lately are focusing on health and medical imagery, making it difficult to build great teams with brilliant minds for trade applications.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p style=\"font-size:16px\"><em>OCR is serving as a temporary bridge between the paper world of yesteryear and a digital future.<\/em><\/p>\n<\/blockquote>\n\n\n\n<p style=\"font-size:16px\">To overcome this challenge, it would logically be necessary to improve the technology; however, OCR is unique. It is in a strange situation where its success will lay the groundwork for its own obsolescence. OCR is serving as a temporary bridge between the paper world of yesteryear and a digital future. It will create more adoption of new technologies by banks to improve their operational processing, allowing them to convert paper records to digital ones. This will further empower trade chain ecosystems to start with digital data at the source, which renders OCR useless. Ultimately, a digital trade utopia has no need for OCR.&nbsp;&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n<\/div>\n<\/div>\n\n\n\n\n<div class=\"modules w-100 partners-sponsor container py-10\">\n  <div class=\"d-grid grid-col-8 grid-col-xs-1 grid-col-sm-4 gap-1 max-w-100 py-50\">\n    <div class=\"col-span-2 col-span-xs-1 col-span-sm-1\">\n      <div class=\"d-grid grid-col-1 grid-col-xs-1 mb-sm-15\">\n        <h4 id=\"heading-publishing-partners\" class=\"not-for-table-content fw-700 dark:color-white\">Publishing Partners<\/h4>\n              <\/div>\n    <\/div>\n    <div class=\"col-span-6 col-span-xs-1 col-span-sm-3 overflow-hidden\">\n      <div class=\"swiper-container\" data-slides-desktop=\"5\" data-slides-table=\"3\" data-slides-mobile=\"2.5\" data-space-between=\"16\">\n        <div class=\"swiper-wrapper\">  \n                      <div class=\"swiper-slide\">\n              <a href=\"https:\/\/www.tradefinanceglobal.com\/organisation\/ao-shearman\/\"\" class=\" 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<\/div>\n  <\/div>\n<\/section>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Potential benefits for MSMEs OCR technology allows paper documents to be scanned and converted into digital formats. As it seems clear that paper in global trade will not go away\u2026 <a href=\"https:\/\/www.tradefinanceglobal.com\/tradetech\/optical-character-recognition-ocr\/\" class=\"read-more-link\">read more &rarr;<\/a><\/p>\n","protected":false},"author":57,"featured_media":110553,"parent":44077,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","ep_exclude_from_search":false,"footnotes":""},"categories":[2711],"class_list":["post-44269","page","type-page","status-publish","has-post-thumbnail","hentry","category-tradetech"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v24.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Optical Character Recognition - TFG tradetech research<\/title>\n<meta name=\"description\" content=\"[UPDATED 2023] Optical Character Recognition (OCR) is a technology that converts scanned or printed text images, such as handwritten or printed documents, into machine-encoded text that can be processed further. 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