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.
MERN: Raising standards in the maritime industry
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.