the key to world trade
Financial compliance isn't just a box-ticking exercise; it's the key factor in making international trade safer for everyone concerned. Aside from anti-money-laundering or avoiding financing terrorism, it's in everyone's interest to verify the boan fides of one's customers and suppliers.
The biz.Clarency compliance engine was designed to enable trade, not hinder it, but it operates at a level of diligence far beyond that of most of today's financial institutions.
monitor everything
It's not enough just to onboard the parties to a transaction. Real compliance is a real-time operation that monitors every part of every transaction. That's why the biz.Clarency compliance engine utilises a seamless embedding of best-in-class providers like ComplyAdvantage and Panjiva to give us a three-dimensional view of counterparties, shipment details, invoice tracking and more.
All of this detail is compiled into a detailed compliance package for inspection by your risk assessors and/or our own highly trained money laundering reporting offices.
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monitor everythingIt's not enough just to onboard the parties to a transaction. Real compliance is a real-time operation that monitors every part of every transaction. That's why the biz.Clarency compliance engine utilises a seamless embedding of best-in-class providers like ComplyAdvantage and Panjiva to give us a three-dimensional view of counterparties, shipment details, invoice tracking and more. All of this detail is compiled into a detailed compliance package for inspection by your risk assessors and/or our own highly trained money laundering reporting offices. |
work your way
We designed biz.Clarency with a commitment to flexibility; our systems should adapt to your way of working, not the other way round. Part of that commitment was to ensure that it fits your workflow, simplifying your procedures to save cost and speed transactions.
If you prefer integration with your existing systems, you can access biz.Clarency via a range of APIs, all fully and understandably documented. Or you can use our user-friendly web portal or mobile interfaces. You can even provide your own-branded self-onboarding app to your customers to free up your risk officers' valuable time. You can learn more by looking at the pages detailing ways of working with us.
beyond blockchain
Immutability is an important element of compliance - should a regulator ever need to examine one or more transactions, then absolute certainty of the information's integrity is paramount. But there's more to it than that. Your transaction records contain highly privileged and confidential information. You need to be certain that it's secure from hackers and other wrongdoers.
From the start, we identified that biz.Clarency should be blockchain-enabled, but we had concerns about the security of existing platforms - concerns that proved to be well-founded given a number of successful blockchain penetrations in the last couple of years.
The system we chose came from a company that was to become one of our closest partners. InterlockLedger has moved beyond the standard blockchain paradigm to provide us with a purpose-built application that's more secure, more flexible and more energy-efficient than any other.
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beyond blockchainImmutability is an important element of compliance - should a regulator ever need to examine one or more transactions, then absolute certainty of the information's integrity is paramount. But there's more to it than that. Your transaction records contain highly privileged and confidential information. You need to be certain that it's secure from hackers and other wrongdoers. From the start, we identified that biz.Clarency should be blockchain-enabled, but we had concerns about the security of existing platforms - concerns that proved to be well-founded given a number of successful blockchain penetrations in the last couple of years. The system we chose came from a company that was to become one of our closest partners. InterlockLedger has moved beyond the standard blockchain paradigm to provide us with a purpose-built application that's more secure, more flexible and more energy-efficient than any other. |
don't duplicate, share
Compliance shouldn't require so much expensive duplication of effort. It's common for all of the financial counterparties in a transaction to each carry out their own diligence, adding delay and expense to the process and frequently repeating work that's already been done by other parties. Worse still, information can be missed because no one has visibility of the entire arrangement.
We built biz.Clarency with sharing in mind. It allows all authorised partners to see the entire process, including background checks, shipping documents, invoices and all the other relevant records. While each organisation must - and should - make its own assessment, the work of information gathering is vastly simplified, saving cost and delay for everyone.
expanding the SWIFT message
The SWIFT messaging system has become the industry standard for financial communication. It's compact, efficient and universally recognised. However, the optional field for additional information - the MT103 message - is restricted to 140 characters, greatly limiting the detail that can be passed. We remove this limitation by optionally embedding a hash key into the MT103 that links to the full information pack for all counterparties and transaction details.
