Envoy teams up with KYC Hub

Today, Envoy Group announces that it has teamed up with KYC Hub to take advantage of its anti-money laundering, business verification, workflow management and know your customer solutions as Envoy onboards legacy clients onto its trade finance platform.

KYC Hub is the latest integration following Envoys successful $13million raise and launch. The firm also announced a partnership with Pole Stars governance solution, PurpleTRAC, earlier this month.

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.

KYC Hub is a UK-based start-up, with investment managed through Alcedo Technology Limited, which helps firms mitigate the risk of fraud and financial crime 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 / Combatting the Financing of Terrorism compliance using and risk-based approach. The company provides advanced tools such as transaction monitoring, customer risk rating, payment screening, as well as pattern-based entity matching.

Lee Tarone, CEO of Envoy Group, has commented: “Trade finance cannot be truly revolutionised 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, Co-founder of KYC Hub, has commented: “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”


Author: Eleanor Hazleton

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