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Tradeshift and kompany announce new App Solution

Monday 5th November, 2018

Tradeshift has announced a new app solution from Kompany to reduce supply chain risk. The new app integrates and automates services related to know-your-customer (Business KYC), anti-money laundering (AML), and enhanced due-diligence (EDD) capabilities.

The app solution focuses on enhancing the level of trust for Tradeshift’s network participants by strengthening cross-border supplier verification capabilities, integrating sanctions checking and monitoring, and audit-proof company information.

"kompany is the leading RegTech platform for Business KYC," commented Christian Lanng, CEO at Tradeshift. "By blending their automation and AI capabilities with Tradeshift’s commerce platform, we are able to automate regulatory compliance, reduce compliance costs, and elevate our architecture’s competitive advantage. It’s a substantive enhancement for our platform and network."

Tradeshift can provide instant access to mission-critical company information from more than 150 jurisdictions worldwide with kompany’s new Tradeshift app. The audit-proof information is retrieved live from primary sources; and time-stamped so the data integrity is guaranteed. The primary sources include commercial and government registers and the information is free of modification. The result is increased data transparency and reliability supporting improved operational efficiency.

“kompany’s global and real-time coverage goes beyond 100 million companies,” said Russell E. Perry, CEO and Founder of kompany. “Our partnership with Tradeshift shows how the benefits of kompany’s RegTech platform can be utilised in the supply chain today. There is no industry segment which does not require audit-proof company information for compliance. With this large-scale deployment into Tradeshift’s network, we bring advanced KYC capabilities directly to their global clients.”