The collaboration resulted in an app that’s available in the Tradeshift app store. The My Sis-id app combines a data analysis engine which lets businesses combine account info from suppliers, and an ability to register bank details in the blockchain, creating a tamper-proof, shared ledger of 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,” the release said.
The new app aims to reduce the amount of time it takes to make sure a supplier hasn’t been faked by criminals by 80 percent. App users get additional protection through insurance that covers them if a transaction is eventually revealed to be fraudulent.
“SiS-id estimates close to 50 percent of corporate fraud attempts involve tricking companies into diverting payments into a fraudster’s bank account, instead of paying their suppliers,” the release said. “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 percent of businesses in the last year.”
SiS-id CEO Rémi Demont said that fraud is an increasingly alarming issue facing the payments sector.
“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,” he said. “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.”