Devanshee Dave
Reporter, Trade Treasury Payments
NewsPublished 11 Nov 2026
Update
UK exporting businesses now have access to a groundbreaking AI tool designed to reduce the administrative burden that costs them up to 500,000 days of valuable time every year.
Lloyds Bank has launched Export Assist, the first AI-powered solution of its kind, to help exporters identify documentation mistakes, reduce costs from discrepancy fees, and minimise payment delays.
Export Assist, powered by TradeSpeed, the leading digital platform from financial technology company Complidata, is available to all UK exporters, regardless of whether they bank with Lloyds.
The tool specifically targets one of the most complex aspects of exporting – documentation associated with Letters of Credit, a mechanism that provides businesses with greater payment certainty when trading internationally.
Currently, approximately 65-80% of Letters of Credit documents are rejected due to errors, causing exporters to lose an estimated 500,000 days annually in delays and document resubmissions.
These errors or discrepancies require paperwork to be corrected and resubmitted, potentially taking weeks to resolve and delaying crucial payments. Limited time and resources often leave smaller businesses particularly exposed to minor errors that can significantly impact transactions.
Export Assist uses artificial intelligence to instantly check documentation and identify errors, saving businesses both time and money.
By catching mistakes before submission, the tool helps exporters avoid additional costs from discrepancy fees and reduces the risk of payment delays. This frees up working capital and valuable time that businesses can redirect toward growing their overseas operations.
Surath Sengupta, Head of Transaction Banking Products at Lloyds and Board Member of the International Chamber of Commerce UK, said, “At Lloyds, we’re building a digital-first trade offering that makes international trade simpler, faster and more efficient for UK businesses. Export Assist is the latest part of that journey, combining digital innovation with the specialist expertise our clients need to trade and grow internationally.”
“It sits alongside the Lloyds International Trade Portal, our award-winning digital trade solutions and our commitment with UK Export Finance to make up to £2 billion of trade finance available to SME and mid-corporate exporters, all focused on helping UK businesses save time, reduce costs and trade with confidence.”
Halspan Ltd, a Scottish-based firm exporting to multiple markets including India and the Middle East, was among the first businesses to experience Export Assist. Ruth Robertson, Export Manager at Halspan Ltd, quoted, “Anything that can simplify and speed up the Letter of Credit process is a huge benefit. The platform thoroughly checked our documentation and highlighted things that may have been overlooked, helping save time, reduce stress and give us greater confidence in the documents we present.”
Ben Arber, CEO of Complidata, said, “Export Assist powered by TradeSpeed works the way Trade Finance does. It has the knowledge and technical expertise required to help make sure that exporter’s presentations are accepted upon first presentation.”
“This enables exporters to save time and money while getting paid faster. By partnering with Lloyds, a leader in the international trade banking space, we are proud to bring this capability to their client base and support their commitment to exporters and to help make trade easier.”
This launch is a significant step forward in digitising international trade processes, offering UK exporters a practical solution to reduce administrative burdens and accelerate their global growth ambitions.