The Maritime Entity Record (MER) Number or MERN is a unique identification number issued to entities operating in the global maritime industry.
What is the objective of MERN?
MER Number was created to address issues related to due diligence, entity data governance and regulatory compliance in the maritime industry.
MER Number’s primary objective is to obtain up-to-date data for a given counterparty and use it as a vehicle to collect KYC-related information.
This replaces the need for multiple contacts with counterparties and replaces any unstandardized KYC Due Diligence Forms by becoming the de-facto process for counterparty onboarding and due diligence assessment.
Its secondary objective is to assign the counterparty with a unique ID as a result of the onboarding process.
This unique ID number will be recognized externally and can be referenced in other systems/processes to uniquely identify the counterparty and allow others to validate its key information, along with standardized sanction screening.
What is the benefit of applying for MERN?
As a global maritime identifier, MERN serves as a digital trade enabler between maritime players by connecting counterparties, bank suppliers, port agent and authorities, trading parties, and others through a unique reference number that allows to standardize due diligence processes, access verified information and documentation on key players and bring about greater transparency and information security in the maritime industry.
The website states that MERN “Affords ease of systems integration”. Could you please elaborate?
Your participation in MERN will highlight your organization’s good standing within the industry by making your profile visible to users of Marcura's platforms.
The reduced turn-around time for due diligence processes will translate into:
Smoother engagement with your customers.
Increased time-saving.
Reduced necessity to provide the same KYC information to various counterparties repeatedly as part of the onboarding due diligence process.