Fraud protection specialist SiS-id has joined forces with Tradeshift, a cloud-based platform for supply chain payments and marketplaces, to minimise payment fraud.
Under the collaboration, the My SiS-id app will now be available on the Tradeshift appstore.
The app is designed as a blockchain-based platform that validates banking payment contact data.
It uses a data analysis engine and a supplier enrolment engine to create a “tamper-proof, shared ledger of verified bank data”. Subsequently, each transaction is tallied with this shared ledger to determine a real-time risk score.
The risk score guides the users to identify and proceed with authentic payments.
My SiS-id app on Tradeshift automates the verification process on transactions, reducing time to determine authentic payments. Additionally, My SiS-id app users are covered by an insurance that compensates in case of fraudulent payment.
SiS-id CEO Rémi Demont 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.”