Tradeshift, a supply chain payments and marketplaces, has partnered RegTech100 company kompany to reduce supply chain risk.
The new app solution integrates and automates services related to know-your-customer (Business KYC), anti-money laundering (AML), and enhanced due-diligence (EDD) capabilities. The aim of the app is to enhance the level of trust for Tradeshift’s network participants by strengthening cross-border supplier verification capabilities, integrating sanctions checking and monitoring, and audit-proof company information.
“kompany is the leading RegTech platform for Business KYC,” commented Christian Lanng, CEO at Tradeshift.
“By blending their automation and AI capabilities with Tradeshift’s commerce platform, we are able to automate regulatory compliance, reduce compliance costs, and elevate our architecture’s competitive advantage. It’s a substantive enhancement for our platform and network.”
Tradeshift helps buyers and suppliers digitise all their trade transactions, collaborate on every process, and connect with any supply chain app. More than 1.5 million companies across 190 countries trust Tradeshift to process over half a trillion USD in transaction value.
The company claims it now can provide instant access to mission-critical company information from more than 150 jurisdictions worldwide with kompany’s new Tradeshift app.
kompany capabilities integrated into the Tradeshift commerce platform will focus on supplier onboarding, and advanced supplier monitoring. Specifics include supplier onboarding, data verification and monitoring and alerting services.
“kompany’s global and real-time coverage goes beyond 100 million companies,” said Russell E. Perry, CEO and Founder of kompany. “Our partnership with Tradeshift shows how the benefits of kompany’s RegTech platform can be utilized in the supply chain today.
There is no industry segment which does not require audit-proof company information for compliance. With this large-scale deployment into Tradeshift’s network, we bring advanced KYC capabilities directly to their global clients.”
Headquartered in Vienna, Austria, kompany provides audit-proof, real-time and global Know Your Customer (KYC) services to financial institutions and international corporates.
Its RegTech platform helps companies to reduce their business KYC costs and risk exposure, audit-proof their KYC processes whilst exceeding current AML & KYB global regulatory requirements and serve their business customers more quickly through same-day onboarding.
With up to a 50% KYC reduction in total costs through instant access to relevant company information, it claims client on-boarding can be reduced from months to days by fully or partly automating manual processes. Information comes directly from primary sources and is time-stamped, which means its data integrity is guaranteed.
kompany recently launched a new tool to help organisations meet ultimate beneficial ownership information requirements. The 4th and upcoming 5th AMLD (Anti-Money Laundering Directive) are tightening beneficial ownership rules facing the industry.
Institutions now need accurate and up-to-date information about beneficial owners as it is a vital factor in tracing criminals and is an essential component of your anti-money laundering and customer due diligence activities.
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