Eurora elevates its KYC and KYB compliance process with Vespia

With Syed Haider, KYC Lead at Eurora
Eurora's team

Case study: Eurora

Eurora is a platform providing Customs clearance with automated customs declaration processes operating in the EU, UK, USA, UAE, China, and Hong Kong. Their service put together HS Code Allocation, Duty & Tax Calculation, Restrictions Screening, and other AI-based services to provide a fast and seamless clearance process to the customer. 

Eurora helps companies establish a business in Europe and handle all the customs clearance issues through one platform. It is the only company in the EU to offer a 100% full compliance service for anyone shipping goods into the EU and provides firms with Fiscal Representation assistance.

The Challenge: A complex KYB process with a time-consuming data collection technique, especially for companies coming from Asia as the data is hard to find

Access to compliance data is quite problematic for data collection and analysis, but as an AML-obligated company, Eurora must take a lot of legal requirements into consideration in its KYB process. 

Previously, Eurora faced a challenge where its team was obtaining documents from several sources for Ultimate Beneficial Owners (UBO) confirmation. Vespia added value to its processes by providing the information in a matter of seconds and just one Vespia platform, instead of using tens of different sources. 

This process would be money and time-consuming. Eurora then decided not to carry this weight and trusted Vespia to accelerate this flow.

Eurora logo in blue colour
Syed Haider
KYC Lead at Eurora
With the help of Vespia, we verified more than 1200 business customers operating in more than 100 different countries.

The solution: An all-in-one compliance tool covering business verification, KYC, and AML compliance approaches

Improving the quality of data for better customer due diligence

Eurora paired with Vespia to get the genuine information to run the KYB flow smoothly and thoroughly prevent quality-related misconduct. In addition, the data provided is in a high-level structure that helps decide upon the company onboarding without digging into tens of different sources. 

Automating the data collection from reliable sources

The KYB processes and reviews can take hours to days without an automated platform. The longer it takes, the more challenging client acquisition and satisfaction will be. Nevertheless, cutting corners to attain faster onboarding without proper management raises the risk, exposing the business to non-compliant actors and their suspicious activities. 

Vespia enables Eurora to obtain and arrange data faster in one place from the most reliable, secure, and accurate sources with the help of 4000 AML databases, sanctions, and adverse media lists. Additionally, Vespia’s tailored questionnaires help Eurora to have a 360-degree view of the potential risk of its business customers by collecting the needed information directly from them.

As long as the business verification capabilities are evolving over the last few years to come a long way from being a manual process, Vespia's automated flow is helping Eurora save time and eliminate human error. That makes Vespia more trustworthy than any other traditional organization. 

Offering tailor-made Compliance AML checks

With Vespia, Eurora can discover politically exposed persons (PEP), their relatives, and close associates (RCA) as well as sanctioned organizations, organizations of special interest (SIP), and special interest entities (SIE).

Additionally, Eurora can check global negative news (Adverse Media) and conduct a Google search on any person or company.

That leads to a better option for preventing any suspicious activity or fraud. 

Onboarding new clients faster with an enhanced due diligence process

For Eurora, it is crucial to be transparent and deliver the best service to their customers. Moreover, they have certain features (such as allowing businesses to manage their entire cross-border sales securely) that would be impossible to provide without running a KYB process.

Eurora decreased the client's onboarding time and costs

If you are now wondering about the results and how Vespia has been a tremendous benefit for Eurora, here comes the outcome.

In terms of verification, decreasing the time frame and the costs for Eurora is impressive: Vespia is 37x cheaper than the market prices providing results fast and efficiently.

Eurora logo in blue colour
Syed Haider
KYC Lead at Eurora
Currently, we are operating in the EU, UK, USA, UAE, China, and Hong Kong, and we are planning to launch in a few more locations soon. That is why speeding up the onboarding process is so important to us, and Vespia is a key player at this stage.

Furthermore, Eurora is very satisfied with having an all-in-one platform where they can smoothly run KYB, UBO, AML, and KYC checks. Having those three processes in one place saves time and effort as it helps focus on identifying companies and suppliers in the first case and consumers or customers in the second one.

Know more about the Business Verification process here.

How about testing it by yourself? Here is our platform with €25 free credit.

We are open to questions and feedback on Discord. You are welcome to join!

Full Eurora logo in white colour