Tradeshift, a web based business network and free invoicing platform, has entered into a partnership with kompany, an Austria-based provider of global business intelligence, to provide its global customers with the tools and authoritative company data needed to reduce the time and costs associated with supplier verification.

The alliance will allow almost 90% reductions in total costs and risk exposure as compared to conventional services. Under the partnership, kompany will enable the Tradeshift platform via an app with real-time access to worldwide official commercial register data through its BREX (Business Register Exchange) API.

“kompany and BREX will add tremendous value to trading partners on the Tradeshift platform with information to help them reduce fraud risks, collection costs, and third-party risks,” said Lars Krüger, Director Alliance Management, EMEA, Tradeshift.

The announcement follows recent efforts by kompany to embrace blockchain technology. It announced in May its development to provide electronic ledgers of original and authoritative company information and moving information on 100 million companies onto the blockchain for KYC/KYB.

kompany plans to involve a company blockchain in the future to offer one-stop-access to all available official information and documents on a company and its officers, including the identification and visualization of interconnections with other companies and beneficial owners worldwide.

“Going forward, we are not only looking to provide a valid and complete picture of a company, but also want to harmonize the current jungle of company identifiers such as LEI, EUID, REID, DUNS®, Bloomberg Global ID/FIGI, Thomson Reuters PermID, EIN, VAT numbers, etc.” said Russell Perry, CEO and Co-Founder, kompany.