Global fintech traders whose data is distributed across a global supply chain can rationalise it with a new information management system, claims fintech company Customs Connect Digital Solutions (CCDS)

Many UK and European companies are facing a compliance crisis in the wake of Brexit, according to Manchester-based CCDS.

Britain’s exit from the single market, on terms which have yet to be confirmed, will leave many companies vulnerable to regulations. Achieving compliance over data and customs regulations will call for a considerable investment in time, according to Gavin Tucker, director of CCDS.

The new C3 uses Big Data and AI to provide fintech businesses with instant visibility of their customs duty costs, which are due for their most significant overhaul in 40 years.

“We were always being asked about monitoring the import footprint of businesses,” said Tucker. With nothing available CCDS was forced to develop its own system, which has now been packaged as the C3 system.

A business that trades internationally will have massive amounts of data in different places, said Tucker. Since the data and the businesses are constantly moving it’s impossible to plan with accuracy and confidence. C3 promises an instant overview of any company’s data.

CCDS claims it has saved €167m for its clients, by searching the supply chains using big data and artificial intelligence techniques.

Data is captured upon declaration of a crossing of the border by goods or services into the EU. The software then enables importers to keep more accurate accounts of duty and import VAT to be paid.

by Bill Boyle
IBS Intelligence Senior Editor
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