Tradeshift, SiS-id team up for payments fraud reduction

Tradeshift and SiS-id have unveiled an app integration partnership aimed to reduce the risk and costs associated with payments fraud.

The My SiS-id app is now available in the Tradeshift appstore, and it is a community-driven, blockchain-based platform that authenticates and secures banking payment contact details. The platform combines data analysis engine that allows businesses to pool account information from suppliers, with a supplier enrolment engine, which aims to allow providers to join the community by registering their bank details in the blockchain. It also creates a tamper-proof, shared ledger of verified bank data. 

Moreover, the app uses artificial intelligence to cross check every transaction against this shared ledger, and provides the user with a real-time risk score that can be used to determine whether or not to proceed with the payment. The My SiS-id app on Tradeshift promises to reduce up to 80% the amount of time finance and procurement decision that makers spend while making sure the right recipient is receiving payments and that the identity of a supplier has not been cloned by fraudsters.