Envoy and Pole Star in vessel screening and tracking solution

Envoy Group has teamed up with maritime and regulatory technology provider, Pole Star to offer compliance screening and vessel tracking using Pole Star’s PurpleTRAC technology.
Envoy uses blockchain technologies to bring efficiencies to global supply chain and trade finance. Built on enterprise software firm R3’s Corda blockchain platform, Envoy handles over £13trn in annual global trade flows.

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.”

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