Envoy Group Enhance Blockchain Supply Chain with KYC Hub Partnership

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Envoy Group, a blockchain supply chain company, has announced a partnership with KYC Hub. This team-up aims to leverage the KYC Hub’s business verification, workflow management, anti-money laundering, and know your customer (KYC) solutions to help Envoy Group onboard its legacy clients onto the company’s trade platform. With a successful $13 million raise and launch, Envoy Group has embarked on various integrations and partnerships including a team-up with PurpleTRAC, Pole Stars governance solution, early on in March.

Envoy and KYC Hub Blockchain Supply Chain Partnership

Envoy Group blockchain supply chain solution is built upon the enterprise software company, R3’s Corda blockchain platform. With this blockchain enhancement, Envoy Group has advanced global supply chains and brought about new levels of efficiency to global trade finance. The company has been able to achieve this by focusing on injecting vital liquidity, facilitating digitization and promoting transparency.

KYC Hub, on the other hand, is a UK-based startup that uses its advanced AI and data intelligence tools to help firms to curtail the menace of financial crimes and fraud. The Hub provides its clients with useful tools like customer risk rating, pattern-based entity matching, payment screening, transaction monitoring, and a slew of other products like biometric verification solution, corporate verification and monitoring amongst many others.

By teaming up with KYC Hub, Envoy will also be able to utilize these tools to close the trade finance gap, improve trust, eliminate financial crimes, and get rid of fraudsters. KYC Hub automated tools also mean that Envoy can speed up the verification processes while limiting operational risks for its customers.

Speaking on the merits of this partnership, The CEO of Envoy Group, Lee Tarone said that:

“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.”

The Co-founder of KYC Hub, Jay Rao also chimed in:

“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 Can Transform KYC

Blockchain technology on its own has the potential to revolutionize KYC processes. KYC (Know-Your-Customer) is a practice often carried out by financial institutions and involves the assertation of the customer’s identity before the creation of an account. This may require potential customers to submit different documents for verification; this isn’t a one-time submission because many banks will have to update customer’s information periodically.

Presently, many financial institutions all over the world are struggling to meet up with the ever-increasing rate and scale of regulatory change. KYC compliance processes are becoming more costly and time-consuming as banks are forced to manually process sometimes as many as 100 documents/KYC and it could take 24 days to on-board new clients. The slow on-board times, constantly changing requirements and delayed document processing leads to poor service and disgruntled customers.

However, with blockchain integration, the KYC process could become tremendously simplified. A blockchain-powered KYC platform will greatly streamline the data gathering process and lead to overall improved operational efficiency, cutting costs and saving time. This platform will serve as a single source of the customer’s data allowing regulators to access their customer’s data across all financial institutions. As a result of this, customer experience improves because bank clients will no longer have to provide the same information repeatedly.

David is a professional writer and blockchain enthusiast who caught the blockchain fever three years ago and has never looked back since then. His genuine interest in this emerging technology combined with his writing prowess allows him to create unique and engaging blockchain content.

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