BEE: Inforcomm Launches Securitised BEE Certificates
Recent Gauteng Business News
Inforcomm BEE Verification Ratings has become the first BEE Verification Agency in the industry to issue securitised BEE certificates. These certificates are now available to clients from January this year, going forward.
Inforcomm has partnered with Yakini Currency and Brand Protection (Pty) Ltd, a subsidiary of KAMM Holdings to develop a system for those certificates. The certificates will contain up to six layers of security features and any attempt to modify or copy them will become immediately evident through this technology.
Yakini is well known in the security industry for implementing cutting edge technology and protecting customers, banks, brands, brand-owners and government when their documents and products are threatened with counterfeit, fraud and theft. Keith Anderson, Executive Director at KAMM Holdings has welcomed the opportunity to work with Inforcomm on this project, “we are pleased to partner with Inforcomm who will be the first Accredited BEEE Rating Agency to offer secure certificates to their clients. The certificates come with a lot of benefits including the reduction of exposure to fraud, allows users to protect sensitive information from unauthorized, personnel by scrambling the data prior to sending it to the printer through their secure encryption and decryption software.”
Verification certificates are produced by rating agencies to represent BEE status of companies. These certificates are used by companies to claim BEE status for tenders, application of licenses to government and procurement from private companies.
The BEE status on the certificate could mean a business losses an opportunity on grounds that its empowerment status is lower than its competitors or gain an advantage which makes it vital that the information remains full proof.
Verification certificates are renewed every year, therefore an empowerment status of a company can go up or down depending on whether it maintains its BEE contributions for that year. The risk of certificates being changed or produced illegally is high. There are over a million certificates issued by verification agencies every year.
In 2008, government made it compulsory for BEE certificates to be used as the only proof to present BEE status of companies. This resulted in many state owned entities and private companies making it part of their evaluating criteria for procurement to have BEE certificates compulsory for all suppliers.
With the eminent alignment of Treasury’s procumbent legislation with BEE legislation, it will soon also be compulsory for all public entities to use BEE certificates as a criterion for tendering.
This move by Inforcomm will help reduce the risk of certificates being changed therefore protects the integrity of the information on the BEE certificates.
Business News Sector Tags: Security| BBBEE|