WiseTech Global, the technology company behind supply chain solution, CargoWise One, has launched a comprehensive border compliance engine, BorderWise, for customs brokers, legal and other trade professionals.
BorderWise brings together a range of critical border compliance data, law and regulation, and advanced search functionality to help the user to effectively minimise customs duty and mitigate the risks associated with customs non-compliance for themselves and their customers (importers and exporters) in the countries involved.
WiseTech Global CEO, Richard White, said, “Growing complexity in world trade continues to put pressure on the supply chain, and efficient border compliance is critical. We are creating the data sets and building powerful new technologies to address productivity, costs and risk mitigation in customs compliance.”
BorderWise offers the next-generation of compliance management, featuring a comprehensive, integrated suite of legal books, technical documents, tariff-classification tools and reference information. It provides real-time updates and alerts on legislation, publications and notices from regulatory bodies, to ensure professionals stay informed of changes. BorderWise contains the full breadth of customs publications from the World Customs Organization Harmonized System Explanatory Notes and the principles of valuation, to ratified treaties and local legislation.
Director of Sue Danks Tariff Consulting and vice chair of CBFCA, Sue Danks, has assisted in the development of BorderWise and said, “With increasing challenges in addressing border regulation, ensuring compliance is fraught with risk. Requirements keep changing as new legislation and policy changes keep rolling out, while data can be convoluted, difficult to interpret and hard to access efficiently. On top of that, not all customs authorities agree on the interpretation or classification of certain goods, and those opinions change, often with little or no notice to industry.”
The system was developed to help customs brokers work more effectively with their customers in advance of border transactions to maximise compliance, assist with forecasting, reduce risk, and ensure that no more than the duty legally due is paid. In addition to helping reduce compliance risk, fines, penalties and costs, BorderWise can help customs and border protection agencies mitigate safety and security risks arising from the movement of goods through their borders.
BorderWise features advanced search functionality, for instance, by the tariff classification or smart word search, to give the quickest and most accurate and relevant information as results.
Looking forward, the BorderWise compliance engine is soon to be enhanced even further with natural language processing and machine learning, where in addition to the presented search results, further due diligence and risk mitigations and additional relevant customs and compliance information will be presented.
“This will be a significant help to customs brokers needing to understand specific and often complex local legislative compliance needs,” said Zubin Appoo, Innovation and Technology manager at WiseTech Global.
BorderWise can be accessed via web or desktop application, making it even easier for users to make timely and accurate decisions. Fully integrated into CargoWise One, BorderWise can be used by existing CargoWise One customers to significantly enhance their productivity. In addition, WiseTech Global has made BorderWise available to industry professionals in Australia, as a standalone application available via a monthly on demand license.