Know-Your-Customer becomes Know-Your-Cargo - Arvato Financial Solutions cooperates with Nexxiot and brings the KYC idea to the logistics industry
Gütersloh / Zurich (February 18, 2022) - When Arvato Financial Solutions launched cinfoni (Customer Information Network Intelligence) two years ago, the KYC project was aimed exclusively at banks and their corporate customers. The Bertelsmann subsidiary had developed a regulatory standard designed to simplify the customized compilation of regulatory data (e.g. Know Your Customer), its validation and international network-based provision. Both banks and customers benefit from the required maximum transparency and the very high level of digitization. This simplifies standardized regulatory processes and speeds them up extremely for both sides.
What has not yet come to full fruition in the banking world due to institutional hurdles is now picking up speed in the logistics industry. With Nexxiot, an international logistics player is now cooperating that, together with its main investor, stands for the digital spirit in the tradetech industry like no other.
The investment is an important step in promoting Nexxiot's Know Your Cargo initiative. And the goals set together are similar to those set in the financial world: providing the logistics industry with the same accountability, security and trust provided by the Know Your Customer rules widely adopted worldwide in the financial services industry. The international player with extensive expertise in supporting complex logistics processes will enable Nexxiot to achieve this level of transparency. Ultimately helping crack down on illicit trafficking, improve cargo safety and reduce CO2 emissions through the increased efficiency.
Stefan Kalmund, CEO of Nexxiot is therefore very pleased about the cooperation: “As an important global player and well known for its digital innovation, Bertelsmann subsidiary Arvato Financial Solutions is the ideal partner to develop an intelligent cargo shipping platform created to meet the needs of twenty-first century commerce. Nexxiot’s technology is already leading the cargo digitization transformation across Europe and beyond, and this new collaboration promises to accelerate its adoption worldwide.”
“There is a tremendous opportunity in transforming the global cargo shipping industry through the deployment of digital solutions and the application of Big Data enabled AI”, says Jörg Schnelle, CCO of Arvato Financial Solutions. “We are pleased to become an investor in Nexxiot’s and eager to begin a business collaboration that promises to accelerate the digital revolution of a whole industry.”
Paul Haase, who is responsible for Cinfoni at Arvato Financial Solutions, sees a great advantage that the Bertelsmann subsidiary has already done decisive groundwork in the banking industry: "The fact that we had to meet the highly complex requirements of the banks for cinfoni right from the start is now paying off even more. The challenges that a digital logistics pioneer like Nexxiot faces in this regard are no less demanding. The combination of the technology and international connectivity of the cinfoni platform enables us to work with Nexxiot to map a true end-to-end Know Your Cargo that will revolutionize the market."
About Arvato Financial Solutions:
Arvato Financial Solutions is aa subsidiary of Bertelsmann SE & Co. KGaA, a privately owned company held indirectly by Bertelsmann foundations and the Mohn family. The affiliated company, Arvato Financial Solutions, provides professional financial services to renowned international brands as well as respected local businesses — allowing them to leave their credit management to a professional, so they can focus on what matters most for their business. The services center around cash flow in all segments of the customer lifecycle: from credit risk management to payment, factoring and accounting services to debt collection. The Arvato Financial Solutions team is made up of around 5,500 experts in 14 countries and is aligned by a common goal: to make sure client’s credit management runs effortlessly and efficiently, ultimately resulting in optimized financial performance. www.finance.arvato.com
Nexxiot AG is a driver of the digital logistics of tomorrow. An industry leader in the digitalization of cargo transportation, Nexxiot empowers global shipping companies and suppliers to harness the power of their data through proprietary, cutting-edge technology and integrated data solutions to track, find and protect cargo across more than 160 countries around the world and via 450 network roaming partners to ensure accountability, security and efficiency. Headquartered in Zurich, Nexxiot operates throughout Europe and the U.S., employing people from 21 countries. The company’s secure, industry leading Cloud comprises data from over 2,5 billion travelled miles Committed to sustainability through corporate and social responsibility, Nexxiot’s goal is to enable a five percent reduction in global carbon dioxide emissions by increasing cargo transport efficiency and eliminating waste caused by empty runs and inefficient routes. https://nexxiot.com/