TALLINN, Estonia, Oct. 24, 2022 (GLOBE NEWSWIRE) — Eurora Solutions, the provider of a leading AI/ML (artificial intelligence/machine learning) backed cross–border trade compliance platform, launches a partnership with DPDgroup, one of the world's leading parcel delivery network.
This partnership will enable DPDgroup, which delivers 2.1 billion parcels yearly, to enhance its quality and compliance processes whilst lowering the costs of customs processing.
DPDgroup will use Eurora's AI/ML–backed platform to automate the allocation of product classification (HS) codes and compliance with the export control rules applied in the European Union, the United Kingdom, and the United States. The allocation of product classification (HS) codes and export control classification (ECCN code) is a pivotal step within the export process, as these classifications are needed to prove all restrictions and license requirements have been duly checked by the shipper before exporting an item.
Eurora's compliance platform processes up to 5,000 requests per second with 98% accuracy* – the highest level of accuracy, speed, and automation available in the market. As there are more than 15,000 10–digit commodity codes in the EU alone, it is impossible to match this speed and cost with manual or hybrid methods, most used today.
As a next step, both companies are looking towards extending the geographical coverage of export compliance services, namely to the Middle East and Asia.
"Eurora and the DPDgroup have been closely working together since the beginning of 2022 to elaborate the rules of different jurisdictions, containing a wide range of classification rules and restrictions that have been learned by the Eurora machine," said Marko Lastik, founder and Group CEO of Eurora.
DPDgroup, delivering over 8.4 million parcels worldwide each day, was looking for a solution that would enhance its parcel delivery operations. “In a context where product safety and transport security processes are key, and with growing international activity, we always aim to enhance quality and compliance. Using AI and Machine Learning solutions will help us improve the scalability and reliability of our international operations, while paving the path for future opportunities like new customer services, new geography, and further automation," said Olivier Tsalpatouros, Senior Director Regulatory & Global Trade Affairs at DPDgroup.
"Years of scientific research and developing machine learning capabilities have allowed Eurora to demonstrate that we are trusted by the logistics and postal industry. Eurora AI engine can find the most appropriate response from a large amount of data by learning from constantly adding data," Marko Lastik explained.
Eurora's AI uses over 500 million records of training data from real transactions of the world's largest logistics service providers. The platform can be used by online sellers, marketplaces, logistics and postal companies to automate tax and duty declarations and assign the appropriate HS code.
*Level observed on Eurora's overall compliance platforms solutions in 2022.
Photos: Please use the link here to access photos, videos and logos of DPD and Eurora co–operation.
About GeoPost/DPDgroup
DPDgroup is one of the world leading parcel delivery networks, aiming to be a reference in sustainable delivery and become a leading enabler of e–commerce acceleration. We combine innovative technology and local knowledge to provide a flexible and user–friendly service for both shippers and shoppers.
With 120,000 delivery experts operating in nearly 50 countries, and a network of 70,000 Pickup points, DPDgroup delivers 8.4 million parcels worldwide each day "" 2.1 billion parcels per year "" through the brands DPD, Chronopost, SEUR, BRT and Jadlog. DPDgroup is the parcel delivery network of GeoPost. GeoPost posted sales of 14.7 billion in 2021.
About Eurora Solutions
Eurora uses artificial intelligence and machine learning to automatically manage cross–border VAT, duty amounts, and declarations.
In recent months, Eurora has opened a UK Central office in London and a US Central office in Miami. Chris Lentjes, a Pitney Bowes and DHL veteran with more than 20+ years of industry experience, became Eurora's US CEO; e–commerce heavyweight Walter Trezek joined Eurora as the Non–Executive Chairman of the Supervisory Board.
Eurora was founded in 2018 by Marko Lastik, a global logistics expert with over 30 years of experience, most of it connected with Asia. Eurora employs over 165 people in 18 countries.
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