MERN: Lowering the cost of compliance
MERN is addressing various issues related to entity data governance and regulatory compliance. As a global maritime-oriented identifier, MERN serves as a digital trade enabler because it can be referenced internally and externally by different processes and systems to:
Uniquely identify an entity
Afford ease of systems integration
Allow other parties to validate key information pertaining to the entity for due diligence purposes
Each MERN is generated automatically as a unique, digital alphanumeric code by using an algorithm that applies advanced data management principles and techniques for improved security and interoperability.
The heightened regulatory environment surrounding the global maritime industry means that the cost of counterparty due diligence (CDD) is high and trade-related transactions become unnecessarily complex, costly, time-consuming and labour-intensive.
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