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Pole Star and Envoy team up to offer vessel screening and tracking solution

Posted on: 5 March 2020

On March 4, Envoy Group has announced that it has teamed up with maritime and 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.

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.”

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.”

 

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