Envoy Group recently announced a partnership with KYC Hub. The union between the blockchain supply chain entity Envoy Group and KYC Hub aims at harnessing KYC Hub’s expertise in business verification, anti-money laundering, workflow management and KYC (Know Your Customer) solutions to facilitate Envoy Group to onboard its legacy clients onto the company’s trade platform.
Additionally, with a USD 13 million raise and launch, Envoy Group has successfully embarked on several integrations and partnerships. Early in March 2020, the company joined forces with Pole Star’s governance solution, PurpleTRAC.
Exploring the partnership between Envoy Group and KYC Hub
Built on R3’s Corda blockhain platform, Envoy Group is powered with advanced global supply chains and has managed to achieve higher levels of efficiency with regards to global trade finance. The company has accomplished this with a steady focus on injecting vital liquidity, enabling digitization, and by adding to the transparency quotient.
More about KYC Hub
Based out of the UK, KYC Hub is a start-up that leverages advance AI and data intelligence tools to support firms limit the perils of financial crimes and frauds. The company tirelessly provides customers various tools such as customer risk rating, payments screening, pattern-based entity matching, and a list of other products like biometric verification, corporate verification and monitoring, and a lot more.
This tech oriented partnership will help Envoy implement these tools to reduce trade finance gap, eliminate financial crimes, strengthen trust and get rid of fraudsters. Additionally, KYC Hub’s automated tools are expected to help Envoy accelerate verification processes and simultaneously limit operational risks for its customers.
Lee Tarone, CEO, Envoy Group explains that transparency, trust, and proper due diligence are primary factors necessary to revolutionize trade finance. He further added, “We are excited to work with KYC Hub who have an arsenal of tools to help us close the USD 1.5 trillion trade finance gap whilst mitigating against risk and bad actors—the things ultimately holding up the industry today.”
Jay Rao, Co-founder of KYC Hub, expressed, “We are proud to be working with a company who aim to provide a simple and effective solution to its clients, we are very happy to join them in this journey. In an industry where paperwork means possible fault, fraud, and risk – we can automate compliance and manage operational risk for Envoy’s clients using real-time financial crime data. On top of that, we are connected to global data sources and can verify individuals and companies from 180 different countries.”