What is the xChange vetting / background check process – xChange Service

To ensure that xChange remains a safe and transparent market place where all members can with confidence conduct deals we perform thorough vetting / background check process on all new members that join the platform. Signees who refuse this process will not be able to use our services.

Below you will see what we do to ensure that no ill-willing companies gets access to the platform.

1. Legal Documents

Company Registration

We collect the official company registration of all new members to ensure that the member is legally registered with the correct governmental unit in the country where they are registered. We countercheck with the local government if the registration is valid.

Companies and trade references who cannot produce a legit company registration are not allowed to operate on xChange.

Passport

New members have to submit a scanned copy of a passport of the natural person who signed the commercial contract, the Multiparty Interchange Agreement or is a significant shareholder in the company.

This is to ensure that there is a real person behind every new member.

General Liability Insurance

Companies joining xChange are also asked to supply a valid General liability insurance document. This document needs to display the covered amount and the duration the insurance is in place

Multiparty Interchange Agreement

Every member who joins the platform to lease containers in/out is required to sign the Multiparty Interchange Agreement (BIMCO). This is the legal framework in place while using xChange. This reduces the need for an individual contract for each deal you conclude with your partners on xChange.

Find the conditions of the contract here.

Company-specific documents

Depending on the country where the company is registered, we might ask for some additional documentation--e.g., a PAN card for companies registered in India.

2. Information and reference collection

Trade References

Every company that joins xChange are required to provide 3 trade references from companies they have worked within a professional manner. xChange then reaches out to the mentioned companies and ask about their previous experience with our new member. These references have to be part of the shipping industry. We countercheck the supplied companies with local government registries and we only allow companies as references if it officially exist in the country that is stated in the registry.

Once we have received a reply from the trade references, we add it to our new member’s company profile on xChange. This way, other members can see if a company is a reliable partner by reading the words of their previous partners.

Networks

During the onboarding process, all companies are asked what networks they are part of. If a network is mentioned, xChange reaches out to the said network to counter-check that the company is an actual member and what experience the network has had with them.

We allow members to display the networks they are members of on their company profile on xChange.

Regional Companies

We check what geographical region the new member is from and reach out to existing xChange members in said region and asks if they know about the company involved and the people behind it. If the company have heard of the new member, we add the comment to the new member’s company profile.

Sanctions and Embargo lists

xChange verifies all companies and its users on the platform versus international sanction lists, governmental organizations and Freight Debt collectors. These lists include, but are not limited to; OFAC, EU Sanctions, UN Sanctions, Interpool, FDB and FDRS.

Companies/people under sanctions are not allowed to use xChange services.

3. Additional data sources

Dynamar Report

If a new company arouses suspicion, the new company gets checked via Dynamar to make sure that the company is financially sound. Dynamar will then create a business report about the company in question where they rank the trustworthiness of a company on a 1-10 scale.

If the report comes back favourably, then the company will get access to the platform and have to pay 50% of the cost of the Dynamar business report. If the report comes back with a negative rating the company will not be granted access to the platform and will have to pay for the cost of the Dynamar report.