The company is truly digitising an archaic, paper-based system to manage risk and fraud for its customers
4th March 2020: Today, Envoy Group announces that it has teamed up with maritime & regulatory technology provider Pole Star to offer compliance screening and vessel tracking using Pole Star’s PurpleTRAC technology.
The PurpleTRAC regulatory technology solution will enable Envoy’s customers to keep good governance by digitally tracking the places, organisations and entities they are trading with. It allows companies to manage regulatory and reputational risk and to ensure that all transactions are compliant whilst solving financial crime compliance challenges by offering complete vessel screening and tracking.
Envoy uses blockchain technologies to bring massive efficiencies to global supply chain and trade finance. Built on enterprise software firm R3’s Corda blockchain platform, Envoy accelerates the $17 trillion annual global trade flows into the digital age by reducing inefficiencies and injecting vital and once-unattainable liquidity. Envoy recently launched its offering in Latin America after raising $13m from Alcedo Ventures and is currently onboarding clients from its legacy business.
Pole Star is a leading maritime technology developer and provider. Its PurpleTRAC solution helps companies manage regulatory and reputational risk whilst solving compliance challenges by offering complete vessel screening and tracking.
Lee Tarone, CEO of Envoy Group, has commented: “Envoy is dedicated to increasing trust and liquidity for its clients, which Pole Star’s PurpleTRAC technology can facilitate. This is a game-changing partnership that will allow Envoy to fully digitise the flow of information within trade finance. Being able to navigate new regulations can be tricky and can cause reputational damage. Pole Star’s solution has enabled us to offer tracking and compliance verification to our clients.”
Simon Ring, Head of Financial Markets Compliance of Pole Star, has commented: “Given the complexity of the global sanctions and regulatory landscape relating to maritime trade, verifying trade-based transactions is one of the most laborious undertakings of compliance departments. As such, many companies have turned to innovative technologies like PurpleTRAC to automate, streamline and record their processes. Envoy is genuinely trying to redefine the trade finance process and we are very excited to be a part of that journey.”
Envoy uses blockchain technologies to bring massive efficiencies to global supply chain and trade finance. Built on enterprise software firm R3’s Corda blockchain platform, Envoy accelerates the $17 trillion annual global trade flows into the digital age by reducing inefficiencies and injecting vital once unattainable liquidity. It is designed to integrate seamlessly with legacy data systems and all third party blockchains, enabling buyers and sellers, to manage global trade logistics, and to find new funding sources supported as result of trust. Envoy recently accelerated its expansion following a $13 million institutional investment committed from Alcedo Digital Ventures.
About Pole Star
Pole Star develops pioneering technologies, keeping clients at the forefront of maritime insight and empowering real-world decisions to mitigate risks across all facets of maritime activity. Working with governments and businesses across the supply chain, Pole Star’s technologies turn complex data into accessible insight across regulatory conformance, sanctions screening, trade compliance, tracking, monitoring, and ship security. Pole Star is headquartered in London with offices in Singapore, Hong Kong, Panama and the US, and operations in Australia.
For more information visit: https://www.polestarglobal.com/
For more information about PurpleTRAC, visit: https://www.polestarglobal.com/services/sanctions/
Tel: (+44) 7789 000 832
Christopher Flame, Yellow Jersey:
Tel: (+44) 7889 297 217
Alexandra Manos, Pole Star:
Tel: (+44) 20 7313 6217