KYG Trade and FloraTrace Announce Partnership Integrating Supply-Chain Traceability With Regulatory Compliance and Sustainable Sourcing Metrics
Brands can authenticate the origin of complex manufactured goods and materials, and make immutable recordkeeping, and sharing of audit-defense records with all stakeholders, simple.
LOS ANGELES, June 20, 2023 (Newswire.com) - KYG Trade, Inc. and FloraTrace, Inc. are joining forces on the KYG Trade SaaS platform and marketplace. KYG Trade is the world's first Trade and sustainability metrics attestation platform and marketplace. FloraTrace increases brand value by authenticating geographic origin of materials using science-based solutions and risk transfer solutions. The collaboration expands the services of both partners that are dedicated to facilitating trade compliance, sustainable supply chains, transparency and consumer trust.
Increasing global risks such as forced labor, environmental risk, deforestation, and free trade agreement requirements have heightened the demand for origin verification technologies. As companies focus on consumers' needs, stakeholder expectations, and compliance with trade laws, the complexities of compiling, tracking, verifying and sharing data have become overwhelming. Finding the right resource for origin verification and certification, along with readily available reports for compliance and other stakeholders has also proven challenging.
But not anymore.
KYG Trade's secure open platform simplifies the gathering of product attributes, including material origin, necessary for compliance requirements. FloraTrace will efficiently obtain product attributes from KYG Trade customers, permanently linking its proprietary isotopic-geographic origin testing and analytics results to a product's digital twin. The KYG Trade platform creates an immutable real-time snapshot and audit record of the FloraTrace findings and product origin data, facilitating future audits by financial stakeholders and customs regulators globally.
FloraTrace solves the problem of proving the origin of a product and its material components, while KYG Trade ensures secure, efficient and cost-effective management of these attestations. Brands facing both challenges can utilize the KYG Trade ecosystem and leverage FloraTrace's innovative origin assignment technologies.
"FloraTrace is a significant addition to the KYG Trade family of trade and sustainable sourcing metrics solutions, as human rights due diligence and origin verification marketplace experts," commented KYG Trade Founder CEO Todd R. Smith. "Not only are they using cutting-edge technology to authenticate origin, but they are also committed to the same sustainable, ethical and transparent supply-chain compliance that KYG is committed to. Our clients will have access to FloraTrace on our secure platform to further ensure compliance with trade laws and sustainable sourcing metrics initiatives."
FloraTrace Co-Founder and Chief Strategist Kimberley Gunther expressed that "The collaboration with KYG Trade adds another layer of improved compliance for our customers. Not only do they have the origin and authenticity of their products verified by FloraTrace, but that verification can be easily and securely accessed by all stakeholders in the supply chain, as well as regulators, on a permissioned basis. The KYG Trade platform provides ease of use for our clients by eliminating the redundant emailing of our origin verifications to numerous players in and outside of the supply chain."
About KYG Trade™
KYG Trade is the world's first decentralized Trade Attestation Platform and Marketplace™ providing AI-powered global trade and ESG compliance, collaboration, and workflow all in one place. Signing up for the KYG Trade platform enables secure access, recordkeeping, and audit defense of product attribute data for tax, trade, and ESG claims related to the cross-border movement of complex manufactured goods. KYG Trade's mission is to transform global trade compliance from a siloed, redundant, costly, and cumbersome grind into an automated, AI-powered collaborative modern experience.
FloraTrace is a US company founded in 2020 by a team of scientists, engineers, and industry specialists to generate new levels of transparency for clients 'disclosure and accountability in supply chains. With its domestic laboratories, chain-of-custody protocols and secure storage, FloraTrace delivers fast analysis turnaround for its clients with the most cost-effective pricing for cutting-edge origin assignment technologies. FloraTrace specializes in risk transfer solutions, risk management science and risk assessment in trade compliance, legal/reputational risk mitigation, and sustainable sourcing metrics.
Source: KYG Trade, Inc.