ITL facilitates the automation of regulatory compliance processes previously performed manually or semi-automatically. The ITL platform will include three major areas. Firstly, determining duties, taxes and fees. Secondly, identifying the regulations from over 50 U.S. government agencies that apply to the import, export and transport of goods. Thirdly, the customs process, which includes selecting, populating, and filing forms and data. It also extends to communications with parties to a transaction, and the payments to and from the government related to transactions .
Performing all the regulatory compliance and customs activities on import and export transactions is complex and time consuming. That’s because there are many different factors that can impact a single transaction. Additionally, the regulatory language is complex to understand because it often consists of lengthy sentences written in legalese. Similarly, many processes are tedious because they require multiple steps that are time-consuming.
ITL’s platform addresses all these problems because it relieves customs brokers and regulatory compliance personnel from most of these burdens. Activities that usually take minutes and hours can be completed in seconds. ITL automates processes previously performed manually or semi-automatically. Also, these processes can greatly reduce errors, thereby reducing regulatory risk.