SUMMARY

TRAC, standing for TRACE Registered Access Code, is an online platform that enables the rapid exchange of baseline due-diligence information.

What is a TRAC?

A TRAC is a unique, 12-digit TRACE Registered Access Code ("TRAC") assigned to companies, partnerships, charities, and individuals committed to commercial transparency. TRAC is a global identification system designed to quickly and cost-effectively establish a TRAC holder's identity, address, and information, and to allow the holder to share information with customers and to allow companies to have real-time visibility into their supply chains. Furthermore, the TRAC holder's name is screened against the various government watch lists. Key documents are uploaded by TRAC holders in order to substantiate the information associated with their code and their profile on the TRAC web portal.

Why is TRAC needed?

Until now, there has been no global identification system. Companies operating internationally struggle with expensive, cumbersome solutions for basic screening of suppliers overseas. They have been forced to deal with the huge variation in ID numbers -an EIN in the United States, a five digit number in Egypt, or a 13-digit Japanese Corporate registration number. Companies also struggle to screen each third party against the various government denied parties lists and manage the hundreds of false hits that arise. TRAC harmonizes these systems, and verifies key information to create a robust compliance solution.