Meridia has made an impactful introduction to the world of regulatory compliance with the launch of Verify - a pioneering solution targeting the EU Deforestation Regulation (EUDR) risks. Announced from Amsterdam on October 15, 2024, this groundbreaking tool emerges after a rigorous two-year development process grounded in a decade of in-depth fieldwork and insights. Verify's primary ambition is to aid businesses in navigating the complexities of EUDR compliance through detailed assessments of field and physical flow data from farms and their associated commodities.
It scrutinizes these data for quality, deforestation risks, legality as per local regulations, and traceability for an array of commodities including cocoa, coffee, palm oil, soy, and rubber, with plans to expand further. 'The debut of Verify represents a significant achievement formed from two years of dedicated effort. Verify furnishes clients with the capability to efficiently analyze datasets, offering immediate risk scores across data quality, deforestation, traceability, and legal compliance domains. By embedding Verify into their procurement operations, businesses can significantly lower both commercial and reputational risks, mitigate supply chain disturbances, and promote sound evidence-based decisions in strategic sourcing and trading,' explains Thomas Vaassen, CEO of Meridia.
In confirming EUDR adherence, Verify employs over 50 targeted assessments to ensure field and physical flow data reliability, delivering a comprehensive risk rating from low to critical for non-compliance. Each farm receives an integrated risk score, facilitating straightforward comparisons. The assessments align with pivotal elements from the EUDR, covering 35+ origins and emphasizing four principal areas. Reports can be tailored and prioritized or presented in detailed risk evaluations complete with actionable insights.
Verify is accessible through a subscription, either via its platform or through API integration. Bart Draaijer, Head of Sustainable Cocoa at ETG | Beyond Beans, highlights the necessity of accurately tracing cocoa to individual farms to comply with EUDR. Meridia Verify is instrumental in verifying field data, thus ensuring compliance and securing operations amidst tightening regulations.
Furthermore, Meridia partners with ICE Benchmark Administration Limited (IBA) to bolster the ICE Commodity Traceability Service (ICE CoT), a pivotal platform for assuring seamless trade of physical cocoa and coffee. This collaboration leverages Verify's rigorous validation methodologies, vital for the ICE CoT's data scrutiny. IBA President Clive de Ruig emphasizes Meridia Verify's role in preparing clients to meet the stringent data standards required by ICE CoT.
Meridia, a leading AgTech entity, dedicates itself to enhancing smallholder-heavy agri-commodity supply chains through precise field data solutions. With a forward-thinking vision aiming for sustainable and validated commodity production, Meridia seeks to create transparent and inclusive supply ecosystems, providing opportunities for smallholders on equal footing.
For inquiries, contact Manon Michelle Monhemius, PR, Marketing, and Communications Lead, via email at [email protected], or Arkadiy Kondrashov, Head of Marketing, at [email protected]. Meridia stands as a beacon in the pursuit of sustainable agricultural practices and robust regulatory compliance.
