- 82% of businesses hit by payments fraud in past year
- Blockchain-based app provides tamper-proof identity validation, reducing manual checks on transactions by up to 80%
Tradeshift, the leader in supply chain payments and marketplaces, and fraud protection specialist SiS-id, have announced an app integration partnership designed to significantly reduce the risk and costs associated with payments fraud.
The My SiS-id app, available now in the Tradeshift appstore, is a community-driven, blockchain-based platform that authenticates and secures banking payment contact details. Combining a powerful data analysis engine that allows businesses to pool account information from suppliers, with a supplier enrolment engine that enables providers to join the community by registering their bank details in the blockchain, the platform creates a tamper-proof, shared ledger of verified bank data. My SiS-id uses up to date technologies including artificial intelligence to cross check every transaction against this shared ledger, providing the user with a real-time risk score they can use to determine whether or not to proceed with payment.
By automating the verification process on transactions, the My SiS-id app on Tradeshift promises to reduce by up to 80% the amount of time finance and procurement decision makers spend making sure the right recipient is receiving payments and that the identity of a supplier has not been cloned by fraudsters. Users of the My SiS-id app are further protected by insurance which covers them in the unlikely event that any transaction processed via the platform is subsequently revealed to be fraudulent.
SiS-id estimates close to 50% of corporate fraud attempts involve tricking companies into diverting payments into a fraudster’s bank account, instead of paying their suppliers. The My SiS-id app will enable any business using Tradeshift to take a highly collaborative and proactive stance against by far the most common type of corporate fraud, which affected a staggering 82% of businesses in the last year.
Rémi Demont, CEO, SiS-id, said: “Preventing fraud is among the biggest issues facing senior financial decision makers and a huge burden on vital resources. The only way to address this issue effectively is through a collective approach, where the latest technologies ensure knowledge and information can be shared securely for the benefit of the whole community. Joining with Tradeshift, one of the world’s largest networks of buyers and suppliers, provides a golden opportunity for businesses to present a united front against fraud, protecting relationships, while reducing the burden that individual companies face to reduce their own risk.”
Bruno Laborie, Senior Director, Global Alliances, Tradeshift, added: “The collaborative approach SiS-id has taken to addressing the multi-billion fraud problem facing businesses fits well with our own mission to connect every business digitally creating economic opportunity for all. Trust and security are absolutely vital to making this mission a reality. The addition of SiS-id to our thriving community of app partners will further enrich the Tradeshift ecosystem of buyers and suppliers by ensuring businesses can trade with one another conveniently and with confidence.”
Tradeshift and SIS-id will be demonstrating the My SiS-id app for the first time at the AFTE conference in Paris on 19th and 20th November.