Recently, Tradeshift and SiS-id come in an App Integration partnership to minimize the risks and costs of payment frauds.
The company, Tradeshift, deals in supply chain payments and marketplaces. It helps in digitizing the trade transactions for all the buyers and suppliers, combine on every process, and connect the supply chain app. Many companies across the world show trust in Tradeshift and process half trillion USD in transaction value. It provides the most extensive network for businesses in buying and selling globally.
Now, a user can access My SiS-id app on the Tradeshift AppStore, which is a blockchain-based platform that helps in validating the contact details of the banking payment. The app will be combined with data analysis that allows the providers to register their bank details in blockchain and join the community. This app is developed with the latest technologies like Artificial Intelligence, to validate every transaction in the ledger and helps a user to determine the risk score to make the payment or not.
The verification of the data and transaction in the app on Tradeshift will minimize the time wasted by finance and procurement decision-makers. This app will automatically make sure that the right recipient receives the payment and protect the details of the suppliers from the fraudsters. The app users are also protected as it provides insurance to them at the time of processing the wrong transaction by the platform.
According to the SiS-id, 50% of corporate frauds that trick the companies and divert their payments into the fraudster’s bank account. The CEO of the SiS-id, Remi Demont, said that the senior financial decision-makers are facing lots of issues in preventing fraud. He thinks that the only approach to get rid of this issue is to use the latest technologies to secure the shared information to benefit the whole community. It is great to collaborate with Tradeshift, as it is the biggest network of buyers and suppliers. It will reduce the risk of fraud in companies.
The Senior Director of Tradeshift, Bruno Laborie, said that their partnership with SiS-id is to solve the multi-billion fraud problem that is facing by many businesses. They aim to connect all the businesses digitally and develop an economic opportunity for all. Their mission can only be accomplished by two factors, i.e., trust and security. SiS-id will also enhance the Tradeshift ecosystem of buyers and suppliers and ensure the trading of businesses with confidence.