Tradeshift and SiS-id join the fight against payment fraud with new app

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Editor Coda
Nov 13, 2019

Supply chain payments company Tradeshift and fraud protection specialist SiS-id have joined forces in the fight against payments fraud.

The two companies have announced an app integration partnership, My SiS-id, designed to reduce the risk of and costs associated with fraudulent payments. 

The app, available in Tradeshift’s appstore, is a blockchain-based platform which authenticates and secures banking payments contact details. 

Combining a data analysis engine that allows businesses to pool account information from suppliers, with a supplier enrolment engine that lets providers to join the community by registering their bank details in the blockchain, the platform can create a tamper-proof, shared ledger of verified bank data. 

The My SiS-id app uses Artificial Intelligence and other technology to cross-check every transaction against this shared ledger, giving the user a real-time risk score they can use to decide whether or not to proceed with payment.

According to Tradeshift, automating the verification of transactions in the My SiS-id app will reduce the time finance and procurement staff spend making sure the correct recipient is receiving payments and that the identity of a supplier has not been cloned by fraudsters by 80%.

My SiS-id app users are further protected by insurance which will cover them in the event that any transaction processed through the platform turns out to be fraudulent.

The companies said that the My SiS-id app will enable any business using Tradeshift to take a proactive stance against by far the most common type of corporate fraud, which affected 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.”

Bruno Laborie, Senior Director, Global Alliances, Tradeshift, added: “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 19 and 20 November 2019.

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