To have an advantage, logistics companies and carriers need to optimize their work as much as possible. To be able to move more goods faster, you must do everything in your power to make sure every part of the process, from picking up a parcel to moving it across a border and to delivering it to the customer, is as smooth as possible.
The new EU trade regulations make it much harder to keep things running smoothly though. On July 1st, 2021, new EU trade regulations completely changed the way trade with the EU works. New requirements will impact logistics companies in both the EU and in other countries.
To handle the increase in customs declarations that these new regulations bring, you need to automate the process of assigning HS codes. And also make sure all customs procedures happen automatically and instantly. Luckily, Eurora has been built for just that purpose. To innovate and automate every step of the process of delivering goods.
Benefits of automatization of HS code allocation.
HS code is a standardized numerical method of classifying traded products. It is used by customs authorities around the world to identify products when assessing duties and taxes. And for gathering statistics.
At the moment, most parcels that enter the EU are not declared in customs. On July 1st, 2021, however, this will change. Under the new regulations, We estimate that the number of electronic declarations will rise from 2 billion to 8 billion each year.
Luckily, we have been working on a solution. Eurora’s Intelligent Cross Border Compliance platform will choose the correct HS code for a product based on the product description and fill in the electronic declaration that customs need.
This is an automated classification service. We have built our service on top of an extensive science-backed AI engine. The engine automatically matches product descriptions with HS codes in under 100 milliseconds. Eurora‘s AI engine currently processes over 350 million product descriptions. And we are continuously expanding our database of different product descriptions.
Checking for denied parties.
To reduce the risks for logistics companies, carriers, and postal operators, Eurora has also developed an automated Denied Party Screening service.
Eurora™ ‘s Denied Party Screening service scans people and organizations against the national and international restricted party lists. The service includes an extensive range of government and international agency-issued lists. We update this database continuously to make sure it is up to date. All screenings and results are automatically logged.
This means that logistics companies can easily make sure they don’t transport goods to organizations and people to whom sending goods is illegal.
If combined with Eurora’s Prohibited and Restricted Item Screening service, which checks if it is legal to deliver specific goods to a specific country, you’ll be able to be 100 percent compliant with international law.
When it comes to global trade, companies need to do all in their power to stay compliant. But unless you automate these processes with tools like Eurora, it will become costly and slow down the flow of goods.
A complete solution for logistics companies.
It is true, that other service providers also offer “denied party screening” or “HS code allocation.” But Eurora is the only company to provide a fully automated service that deals with all of these issues faced by carriers.
Eurora™ ‘s Intelligent Cross Border Compliance Platform screens the package and recipient against denied parties and prohibited item lists. It automatically assigns a correct HS code based on product description and checks for restrictions. It can also calculate duties and taxes for each item sent. And then, the system will create the necessary electronic declaration and present it to the proper customs authority.
This entire process will take less than a second. This will save carriers and logistics companies countless hours by reducing the time spent on paperwork. It also helps to avoid unnecessary delays on borders