The Envoy Organization will also be able to connect existing clients to the corporate financing network leveraging KYC Hub’s Know Your Customer (KYC) technologies to exploit the anti-money laundering, market monitoring, operations management, and know-how.
Envoy uses blockchain technologies to bring massive efficiency to the global supply chain and trade finance and raised more than USD 13 million from Alcedo Digital Ventures in February 2020.
Lee Tarone, CEO of Envoy Group, said:
Trade finance cannot be truly revolutionized without transparency, trust, and proper due diligence. We are excited to work with KYC Hub who have an arsenal of tools to help us close the $1.5 trillion trade finance gap whilst mitigating against risk and bad actors – the things ultimately holding up the industry today.
Jay Rao, the co-founder of KYC Hub, said,
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.
Blockchain Supply Chain Initiative Envoy teams up with KYC Hub
KYC Hub is the latest integration after Envoys have successfully raised and launched $13 million. The firm also announced a partnership with PurpleTRAC, the Pole Star governance solution, earlier this month.
Built on the Corda blockchain platform of R3 enterprise software firm, Envoy accelerates the $17 trillion annual global trade flow to the digital age by reducing inefficiencies and injecting vital and once-indebted liquidity.
Spring Labs Aims To Create Fraud and ID Verification Solutions Using Blockchain Technology
KYC Hub is a UK-based start-up with investment managed by Alcedo Technology Limited, which helps firms mitigate the risk of fraud and financial crime by using AI and data intelligence. KYC Hub’s products include a global KYC and biometric verification solution, corporate verification, and monitoring and AML (Anti Money Laundering / Combating Terrorist Financing Compliance and Risk-Based Approach). The company provides advanced tools such as transaction monitoring, customer risk rating, payment screening, and pattern-based matching.
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