Lessons in innovation: AI’s role in solving decades-old problems in Agri Trade

For decades, the agri-commodities industry has struggled with problems in trade execution that remained unsolved. Covantis was founded with the mission to digitize and bring efficiency to agri‑trade execution, so it was natural for us to take on this challenge. We felt it was our responsibility to push past technology limitations and try to deliver what the industry had long needed.

One of the biggest of those long-standing problems was the time-consuming manual checking of trade documents. For trade execution coordinators, reviewing contracts, Letters of Credit, and certificates is repetitive, stressful, and full of risk. The consequences are serious: errors in shipping documents under a Letter of Credit or Cash Against Documents (CAD) can delay payments by 7–14 days, raise working capital costs, and even trigger bank penalty fees.

Errors in draft documents slow approvals with buyers, often adding 2–3 days of back‑and‑forth revisions and disrupting cash flow. Manual preparation and verification of document sets can take hours per vessel, increasing costs and the chance of human error. This was a big, costly problem worth solving.

That’s why, even before the mass adoption of AI, we began working with machine learning (ML) to see if it could help us tackle this critical problem.

The early struggles

At first, we tried solving this problem with machine learning, but ML had serious limits:

• It needed massive amounts of training data, because ML systems learn by seeing hundreds if not thousands of examples before they can generalize. That meant every possible format, clause, or variation had to be manually collected, cleaned, and labeled by people. This is labor intensive and expensive.

• It struggled with unusual formats or rare discrepancies, because ML models tend to recognize only patterns they have seen during training. When a document looked slightly different (like a new layout, a different template, or a rarely used clause) the model often failed. Even small differences, such as values hidden under an ink stamp or presented in an uncommon format, could cause incorrect or missed results.

• Accuracy wasn’t high enough. Even 95–97% accuracy isn’t enough for users who require near-100%.

When we tested with early adopters, their feedback was blunt: “If I can’t fully trust the system, why not just do it myself?”, “Can an application really spot errors and discrepancies better than me?”, “What if I trust it and my bank rejects the documents as discrepant?”

And they were right. Imagine if 1 out of 100 transactions on your bank statement was wrong. You’d lose trust instantly.

We almost killed the project multiple times, pivoted again and again, and even tried what is known as a “human-in-the-loop” approach (HITL) – having people step in to manually check or correct the machine’s output – to patch ML’s weaknesses. Checking the document through HITL added time to the overall processing, because even if just one document in a shipment set required human review, the user still had to wait until the entire set was finished before moving forward.

The truth was simple: the technology wasn’t ready.

The breakthrough

Late in 2024, three things changed the game:

1. A new approach – We redesigned how we tackled the problem, rethinking the product’s value proposition and taking a different approach to solving the user’s problem.
2. Stronger AI – Today’s AI models are far more advanced. They generalize better and apply reasoning, which makes them capable of handling complex document sets, classifying and splitting documents into the right categories, and finding discrepancies with much higher accuracy.
3. Team creativity – Our product and engineering teams combined their knowledge of user needs with technical expertise to overcome AI’s weaknesses (accuracy issues, hallucinations, performance bottlenecks) and build a production-grade solution.

QuickDocs is born

That’s how QuickDocs came to life: our first production AI application. It’s now live and used daily by clients. It saves time, reduces errors, and helps them focus on the issues that matter most. On average, users report checking documents up to four times faster, experiencing 75% fewer errors in the document presentation process, and reducing working capital costs by eliminating delays in payments caused by errors in documents presented to the bank.

What are the benefits of QuickDocs?

Highly accurate – flags discrepancies down to a dot or comma.
Fast and smart – no manual entry of document instructions/check requirements. Splits large batch files into individual documents promptly, extracts data, and shows all checks in one dashboard.
Rule-aware – applies logic-based checks against contract, commodity, and country-specific terms.
Usability built for document management – structured interface, easy navigation, and clear dashboards instead of long, cluttered AI outputs.
Scalable – designed for agri-commodities but adaptable to any industry that needs document checking.

Why not use public AI tools or build in-house?

This is one of the most common questions we hear. Generic AI platforms and in-house tools promise speed and low cost, but they aren’t built for the realities of commodities trade. They miss details, struggle with large document sets and lack persistence or traceability. QuickDocs is different.

Here are just some of the reasons why QuickDocs outperforms generic AI platforms and in-house tools:

Accuracy you can trust – QuickDocs is trained on real trade documents (contracts, LCs, BLs, certificates), not internet text. It can flag discrepancies down to a dot or comma – critical in LC transactions.
Best of AI, not just one provider – Instead of locking you into a single model, QuickDocs routes tasks across multiple AI models, using each where it performs best.
Reliable on large sets – Public AI tools struggle with long or complex document sets, skipping checks or hallucinating.
Tailored usability – Designed for document checks, not chat replies. Coordinators get structured dashboards, clear navigation, and easy audit trails rather than long, cluttered text outputs.
Persistence and resolution – QuickDocs remembers your decisions across voyages. If you accept a recurring discrepancy once, the system applies it automatically in future, reducing repetitive work.
Enterprise-grade security – All data stays within Covantis’ secure cloud environment, never shared externally or used to train public models.

In short, purpose-built for commodities documentation, QuickDocs combines advanced AI, proprietary algorithms and Covantis’ scale in global agri-trade. It delivers accuracy, reliability and workflows that keep trade execution moving without the firefighting.

Lessons learned in AI innovation

From this journey, we learnt some lessons that make the difference between a proof of concept and a production grade solution. With QuickDocs, they meant the difference between repeated pivots and a product that clients now use daily:

Start with a real business problem – Anchoring QuickDocs in the painful, high ‑value challenge of document checking gave it purpose and ensured demand.
Continuous iteration with feedback – Each release of QuickDocs was refined through cycles of testing, user input, and updates.
Time your technology bets wisely – Our early ML experiments proved too costly and inaccurate, but we kept iterating with confidence that AI would overcome these limitations, and when stronger models arrived, we were ready to deliver real value.
Cross functional ‑ collaboration – Product, engineering, and commercial teams worked side by side with users, aligning technology choices with actual business value.
Integration into workflows – Adoption grew because QuickDocs fit seamlessly with existing Covantis tools like Voyages, avoiding duplicate data entry.
Enterprise‑grade security and compliance – Because clients share sensitive trade documents, keeping all data in Covantis’ secure cloud was non‑negotiable.

What’s next?

We’re proud of what QuickDocs has become, but we’re not finished. Our next challenge is making the app even more interactive and user-friendly. Trade execution coordinators handle documents worth millions of dollars; they need both trust and ease of use. Any false error or missed check could undermine that trust, and we take that seriously.

We’ll keep iterating, experimenting with the latest AI, and improving QuickDocs so it stays at the cutting edge. And we’ll continue looking for new use cases where AI can solve real business problems.

We don’t see ourselves as “an AI company.” We’re a solutions company using AI and other technologies to tackle real challenges in commodities world. QuickDocs is just the beginning.

Article by Petya Sechanova, CEO Covantis

Press release

Geneva, Switzerland; 24^th September 2025: Covantis, the digital leader in post-trade execution for agricultural commodities, today announced the launch of QuickDocs, an AI-powered solution that checks shipping documents against key trade requirements, including letters of credit, documentary instructions, and contracts.

Trading companies face two persistent challenges in document execution:
• Inefficient manual checks – Operations teams spend hours reviewing each document set, often under tight time pressure, which increases the risk of mistakes.
• Financial impact of errors – Every presentation with discrepancies can cost companies between USD 1,000–5,000 in additional working capital cost due to delayed payments, bank charges or penalties. For traders, this translates into hundreds of thousands of dollars of unnecessary financing costs.

QuickDocs directly addresses these challenges by automating document checks and surfacing discrepancies before submission. Its AI engine compares extracted values from bills of lading, certificates, and other documents against contractual requirements, helping companies deliver accurate documents presentations to banks and buyers.

“QuickDocs is our first production AI application solving real problems thanks to the massive leap and advancement of AI models. No matter the size of the company or industry, you are always confronted with the need to ensure that the documents you present to your buyer or bank are compliant with the requirements. QuickDocs does this in a few minutes, saving at least 75% in time, errors, or delays,” said Petya Sechanova, CEO of Covantis.

QuickDocs is part of the broader Covantis digital ecosystem, trusted by 75 global and regional trading firms and service providers. By streamlining document processes, increasing efficiency, and reducing risk, Covantis is shaping the future of digital trade execution in the agricultural industry.

About Covantis
Covantis was created with the aim to digitalize trade execution processes and bring efficiency to industry participants at all levels.
https://covantis.io/

Covantis is pleased to announce a significant milestone in the digital transformation of agri-trade execution. As of May 26, 2025, trading companies operating in the Brazilian market can begin using DocCreate, Covantis’ new solution for collaborative shipping documents creation.

In parallel, agents, fumigation and supervision companies are now being onboarded to the Voyages platform, enabling them to be appointed digitally and to participate directly in the execution process.

With this launch Covantis enables all key stakeholders in the shipping documentation workflow to collaborate seamlessly in a shared, digital environment.

Closing Gaps in Shipping Documentation

Traditionally, the drafting of shipping documents has been fragmented—spread across emails, spreadsheets, and disconnected systems. DocCreate addresses this challenge by providing a secure, structured environment for counterparties to draft shipping documents collaboratively.

DocCreate eliminates version control issues and reduces back-and-forth communications. Trading companies and their counterparties now have a central place to create drafts automatically based on the received Documentary Instructions, aligns on the data in the documents and move more efficiently toward documents presentation.

Expanding the Digital Network:  Supervision Companies Join Covantis

In addition to launching DocCreate, Covantis is expanding the scope of its platform to include surveyor appointments and reports, updates organization. Trading companies can now appoint their supervision companies digitally, creating a more transparent and efficient coordination process. Additionally, supervision companies will be sending reports to their counterparties in a structured and automated manner.

Onboarding these service providers is a critical step towards a fully digital execution workflow. By enabling supervision firms to work directly on the Covantis platform, we reduce manual tasks and unlock greater value for all parties involved.

One Connected Workflow

This launch reflects Covantis’ commitment to delivering end-to-end digital solutions for agri-trade. With DocCreate and the Voyages platform now linked through a growing network of stakeholders, trading companies gain:

• A single platform to draft, coordinate, and execute shipping documents
• Improved efficiency, accuracy, and transparency in document workflows
• A scalable model that can extend across regions and counterparties

What This Means for the Market

This launch is not just a new feature set—it’s a foundation for smarter, faster, and more connected execution in the bulk agri export chain. By digitizing both collaboration and coordination, Covantis continues to remove friction from global trade operations.

We’re excited to bring these capabilities to the Brazilian market first, and look forward to release them globally.

To learn more about DocCreate and the Voyages platform see our Product Pages.

Press release

Geneva, Switzerland – 31st of March 2025

CircleOut, the industry’s leading platform for identifying and matching circles and washouts in physical commodity trading has reached a new milestone. In the month of March, the platform successfully netted 559.000 metric tons of contracts volume by identifying circles for May–July delivery period—marking this a new record for German Lower Rhein rapeseed meal market. 

This achievement underscores the growing impact of CircleOut as a powerful efficiency driver across the Agri trading network. For May–July delivery period, platform participants have now closed on average 50.3% of their positions—demonstrating the value of early market alignment and willingness to collaborate. Key market participants have synchronically uploaded and updated contracts in Covantis CircleOut platform just before the algorithm identifies the circles and contracts to be netted. 

“The benefits compound as the market changes to the digital process of automatically identifying Circles via Covantis platform. This new record in the Lower Rhein rapeseed meal market highlights the clear efficiency gains the platform brings to trading firms.” ,said Sorin Albeanu, Head of Commercial at Covantis. ”  

With over 35 companies already part of the network and over 43 million metric tons of volume processed to date, CircleOut continues to solidify its position as the go-to platform for optimizing physical trade flows and netting positions in advance of the delivery.

About CircleOut
CircleOut is the digital platform that helps commodity traders identify circles and washouts across complex contract chains. By automatically identifying circles and netting positings, CircleOut reduces operational burden, improves capital efficiency, and unlocks collaboration across trading partners.

Press release

Geneva, Switzerland and Charleston, US, 5th of February 2025

Covantis is enhancing its value proposition with the launch of Covantis eBL powered by Secro, a solution that empowers companies to issue and exchange electronic bills of lading (eBL) alongside other electronic documents, and supports real-time collaboration between all stakeholders, connecting exporters, charterers, buyers, agents, vessel owners and banks in a secure ecosystem.

Covantis clients can now use electronic documents in the execution of contracts therefore speeding up the presentation process, reducing the risk of fraud and need of Letters of Indemnity, while improving efficiency for all parties involved in the trade.

This new documents presentation solution complements Covantis existing proposition that digitalizes the agri bulk commodities execution process by encompassing the creation, exchange, review and automated checking of shipping documents.

“As the legal framework evolved with UK law recognizing electronic documents, many Phytosanitary Certificates, Quality Certificates, and Certificates of Origin transitioned to digital formats. With many authorities now accepting electronic and digital documents for customs clearance, we partnered with Secro to introduce the Covantis eBL solution to the agri industry. We are confident that through this partnership we will once and for all make the change from paper to electronic a reality for the agri industry.

We made this choice based on Secro’s technology fit, straight forward and efficient legal approach to eBLs, speed of delivery and capacity to adapt to market needs, and also the team’s expertise. We are confident that through this partnership we will once and for all make the change from paper to electronic a reality for the Agri industry noted Petya Sechanova, CEO, Covantis SA”

“With Covantis, we have the ideal partner, sharing core values such as customer focus, a relentless drive for innovation, and deep industry expertise”, said Michele, Co-Founder and CEO of Secro Inc. “The result of our strategic alignment is a solution that delivers significant benefits to clients—enhancing operational efficiency through Covantis workflows and improving trade finance performance with Secro’s tokenized eBL. There is nothing like this in the trading and fintech space: our unique joint value proposition opens new horizons for the agri industry.”

About Covantis

Covantis is an advanced platform revolutionizing post-trade execution workflows that’s transforming how the world moves agricultural commodities. Founded by leading global trading companies in the agricultural sector, Covantis connects the industry on a single digital platform to streamline trade execution for grains, oilseeds, byproducts, sugar and vegetable oils.

The platform is used by over 55 global and regional forward-thinking agri trading firms, no matter the size – small or large. The company is trusted by players throughout the supply chain, including trading companies, exporters, FOB sellers, charterers and CFR buyers. It’s also used daily by surveyors, agents and others in the wider agri commodity ecosystem.

About Secro Inc

Secro lowers the cost and risk of commodity trading by digitizing documents of title in a compliant, robust, and user-friendly way. Exporters, importers, traders, logistics service providers, and financial institutions collaborate on Secro’s digital platform to create, manage, and exchange legally binding, globally recognized digital negotiable instruments, such as e-bills of lading.

Dozens of leading organizations across the oil and energy, agriculture, fertilizer, and chemical sectors trust Secro and its proprietary tokenization technology to eliminate trade friction, accelerate cash cycles, and enhance equity returns. Secro also offers shipowners and port agents a collaborative digital solution to streamline the documentary needs of charterers.

At Covantis, we’re excited to give a first look into an upcoming solution that’s set to advance the agri-commodity trading industry: “Covantis eBL powered by Secro.” We’re proud to announce that we have received approval from the International Group of P&I Clubs, a critical endorsement that ensures secure and compliant use in global trade.

This approval underscores the reliability of our approach to digital documentation and aligns with our vision to streamline, simplify, and secure the complex workflows of trade logistics. With “Covantis eBL powered by Secro,” we aim to redefine efficiency standards, taking another step toward a future of truly paperless trade.

Find more info: https://www.igpandi.org/article/ig-approved-electronic-bill-of-lading-systems/

What’s Ahead? This new approval from the International Group marks a foundational milestone, one that assures our clients that they can transition to electronic documentation with confidence. Designed with industry standards and global compliance at its core, this upcoming feature will support our mission to make trade faster, safer, and more reliable.

Stay tuned for more details as we prepare to launch this exciting innovation in trade documents presentation!

Press release

Geneva, Switzerland; 17th July 2024: With global traders across South American and European markets benefitting from Covantis’ contract execution efficiency gains – and the company reporting significant success for its launch of CircleOut platform in the FOB 6 Ports sunflower oil market – Covantis is today launching in the FOB Lower Rhine rapeseed meal market in Germany.

Built to help the market move away from outdated methods to execute contracts, Covantis CircleOut helps trading firms net their positions pre-execution, by automatically identifying circles and washouts. Trading firms traditionally rely on email and phone calls, which are inefficient and error-prone, often leading to circles not being identified in time. With CircleOut, trading firms can manage all their contracts in a single place, automatically identify circles via contact-matching algorithms and resolve them, including settlement calculations.

A large network of companies active in the European string markets – including AAK International, ADM, Baywa, Bunge, Cargill, Cefetra, CFP Energy, Cofco, DLA Agro, Louis Dreyfus Company, Oliva AD, C. Thywissen, Saipol, Viterra, Remia – have adopted CircleOut and are coming together to modernise the way positions are netted and circles are identified and settled.

With over 4.5 million metric tons of circles settled and 43% efficiency gains reported by 13 trading firms active in South America string markets, in May 2024 CircleOut launched in the European FOB 6 Ports market for sunflower oil. Since then, 613,000 metric tons of position volumes have already been uploaded, with over 200,000 metric tons volumes settled. 

After its expansion in the German Lower Rhine market – where the company is aiming to replicate the same level of success as the South American and FOB 6 Port markets – Covantis will also be launching CircleOut into the FOB Dutch Mills market for rapeseed oil in the coming months.

To find out more, follow Covantis on LinkedIn.

END

About Covantis

Covantis is a fair, trusted platform that improves efficiency, transparency, and information exchange for everyone feeding the world. It continues to be a leading force in the agri commodity industry, offering a reliable and secure platform for trade execution processes, document exchange, and communication among market participants.

In an era where the pace of technological innovation continues to accelerate, the global commodity trading sector stands on the brink of a transformative revolution. It’s with great excitement that we announce our upcoming webinar that promises to shed light on these advancements and the collaborative efforts reshaping our industry.

Event Details:
Date: April 16th
Time: 1:30 PM BST / 2:30 PM CEST / 9:30 AM ART

Registration: Free (Register now to secure your spot)

Why Attend?
Global commodity trade is complex, influenced by fluctuating interest rates, geopolitical tensions, and the ever-present need for efficiency and transparency. This webinar, in partnership with Commodities People, aims to navigate these challenges, highlighting the role of artificial intelligence (AI) and the power of industry collaboration.

Meet Our Speakers:

Petya Sechanova, CEO, Covantis
Guy-Laurent Arpino, Group Chief Information Officer, Louis Dreyfus Company
Stefanie Gummelt, Director Global Trade Execution, ADM
Fernanda Oliveira, Director of Execution Offshore, BTG Pactual
Ben Hillary, Managing Director, Commodities People

These industry leaders will dive into topics like global digitalization, AI-driven document management, and strategic position netting in agricultural markets. Their insights will offer a roadmap for embracing digital transformation and leveraging collaborative efforts to streamline operations and mitigate risks.

Join Us:
Don’t miss this opportunity to engage with top experts and be part of the conversation shaping the future of commodity trading. Register now for free and prepare to be inspired by the potential of AI and collaborative innovation in transforming global trade practices.

With its secure platform, Covantis is helping to reduce inefficiencies and risk in global trade, with the majority of the exports from Brazil, the US and Argentina conducted via the Covantis platform in 2023

Geneva, Switzerland; 26th of March 2024: Covantis, the platform that accelerates the transformation of global trade for everyone feeding the world, today announced its global expansion, with a new presence across European, Australian and South African grains and oilseeds and the global vegetable oils market. 

Covantis helps businesses globally to execute all of their vessels in the agriculture space in one platform. It connects all relevant parties buying and selling agricultural commodities across the supply chain in one ecosystem, and digitalises the execution process that is typically performed through email and phone. With Covantis, processes are automated and standardized and risk is reduced.

As part of its global expansion, the company is now covering the largest export markets for vegetable oils – including Rapeseed Oil, Sunflower Oil and Soybean Oil – coming out of North America, South America, and Europe. 

Petya Sechanova, CEO of Covantis, commented: “This launch marks a pivotal moment for Covantis. Our platform transcends borders to empower agricultural trade on a global scale, helping to speed up document presentation, reduce risk of errors, and automate processes. We’ve cultivated a network of 44 agricultural groups and over 200 legal entities and now completed the expansion into the key origin markets for grains and oilseeds.”

To find out more, follow the company on LinkedIn.

END

About Covantis

Covantis is a fair, trusted platform that improves efficiency, transparency, and information exchange for everyone feeding the world. It continues to be a leading force in the agri commodity industry, offering a reliable and secure platform for trade execution processes, document exchange, and communication among market participants.