kompany Reports a Strategic Partnership with Tradeshift

kompany Reports a Strategic Partnership with Tradeshift
02.06.2016 01:30 pm

kompany Reports a Strategic Partnership with Tradeshift

Security , AML and KYC

In a global and networked marketplace, risk management is becoming crucial to businesses worldwide. The increase of compliance requirements, such as KYC, KYB, AML (anti-money-laundering), and EDD (enhanced due diligence), is driven both by regulatory changes and the commercial need to avoid business disruptions. Risk and procurement teams seek early detection of risks throughout the supply chain and require effective cloud-based tools.

kompany and Tradeshift have partnered to provide Tradeshift’s global customers with  the tools and authoritative company data needed to reduce the time and costs associated with supplier verification. This will allow for up to 90% reduction in total costs and risk exposure compared to traditional services. As part of the cooperation, kompany will enable the Tradeshift platform via an app with real-time access to worldwide official commercial register data through its BREX (Business Register Exchange) API. “kompany and BREX will add tremendous value to trading partners on the Tradeshift platform with information to help them reduce fraud risks, collection costs, and third-party risks,” said Lars Krüger, Director Alliance Management, EMEA, Tradeshift.

In the future, kompany will also involve a company blockchain to offer one-stop-access to all available official information and documents on a company and its officers, including the identification and visualization of interconnections with other companies and beneficial owners worldwide. “Going forward, we are not only looking to provide a valid and complete picture of a company, but also want to harmonize the current jungle of company identifiers such as LEI, EUID, REID, DUNS®, Bloomberg Global ID/FIGI, Thomson Reuters PermID, EIN, VAT numbers, etc.” said Russell Perry, CEO and Co-Founder, kompany.

Related News

FICO Offers Free Cyber Risk Score 90-Day Trial in Europe

Cyber exposure is one of the most rapidly growing risks in today’s digital world. Almost daily, the media report on companies that have suffered data breaches where criminals... Read more »

Leading Firms Collaborate with Mastercard to Further Secure Open Banking Ecosystem

Mastercard announces three key financial firms as the latest companies to start using Mastercard Open Banking Protect, safeguarding organisations who manage... Read more »

iProov to provide biometric technology to challenger bank Knab, part of AEGON

Today, iProov is proud to announce that its technology is to be deployed by Dutch challenger bank Knab, to provide an effortless online biometric experience to its nearly 500,... Read more »

FICO Awarded 13 New Patents for Responsible AI, Fraud and Decision Management

Silicon Valley analytic software firm FICO has been awarded 13 new patents related to fraud, artificial intelligence (AI) and decision management. In total, FICO currently... Read more »

Trade Ledger and Equifax extend partnership to support bid for Capability & Innovation Fund (CIF) to transform SME credit scoring

Trade Ledger, the global banking platform, and Equifax, the consumer and business insights expert, have announced an extended partnership for... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel