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COBAFRA

Combatting Banking Fraud with SiS-id: A unique solution for preventing corporate payments fraud using AI and blockchain

Total Cost €

EC-Contrib. €

Partnership

Views

Outcomes and
results

COBAFRA project word cloud

Explore the words cloud of the COBAFRA project. It provides you a very rough idea of what is the project "COBAFRA" about.

banking viral reported customer time models intention ai november tackle reinvent 2017 attempted had suppliers keeps companies believe parts directors acquired 23 fraudster interface half border cfos market fraud helps considerable solves usurped paying solutions alone strategy 85 shared enrolment sake international customers eur 13 clients preventing contract co france blockchain payments benefits accounts corporate sophistication genuine innovative solution data treasurers company turn potentially identity ocean commercially made right business secure safe stage sis lost thousand assured cross id online guarantee 70 technology supplier onto deploy borders months invite blue exists financial authenticated million integrates pooling payment committed model pioneer launched last platform

Project "COBAFRA" data sheet

The following table provides information about the project.

Coordinator	SIS Organization address address: LE BRITANNIA ALLEE C 20 BOULEVARD EUGENE DERUELLE city: LYON postcode: 69003 website: n.a. contact info title: n.a. name: n.a. surname: n.a. function: n.a. email: n.a. telephone: n.a. fax: n.a.
Coordinator Country	France [FR]
Project website	https://www.sis-id.com/en/
Total cost	71˙429 €
EC max contribution	50˙000 € (70%)
Programme	1. H2020-EU.3. (PRIORITY 'Societal challenges) 2. H2020-EU.2.3. (INDUSTRIAL LEADERSHIP - Innovation In SMEs) 3. H2020-EU.2.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies)
Code Call	H2020-SMEInst-2018-2020-1
Funding Scheme	SME-1
Starting year	2019
Duration (year-month-day)	from 2019-01-01 to 2019-06-30

Partnership

Take a look of project's partnership.

#	participants	country	role	EC contrib. [€]
1	SIS SIS Organization address address: LE BRITANNIA ALLEE C 20 BOULEVARD EUGENE DERUELLE city: LYON postcode: 69003 website: n.a. contact info title: n.a. name: n.a. surname: n.a. function: n.a. email: n.a. telephone: n.a. fax: n.a.	FR (LYON)	coordinator	50˙000.00

Map

Project objective

Corporate banking fraud is on the rise. 70% of companies in France alone reported fraud or attempted fraud last year. At the international level, 30 % of companies lost between 85 thousand and 4,2 million EUR. Fraud is without borders and growing in sophistication. Preventing fraud is now the No. 1 priority for Financial Directors. Over half of fraud committed is supplier fraud. How can companies be assured they are paying the genuine supplier and not a fraudster who had usurped its identity?

My SiS-id, a highly secure, innovative platform helps guarantee that payments go to the right company and keeps the banking identity of companies safe online. My SiS-id is different because: - It is not a payment system but an interface that addresses the identity part of the payment process. It integrates with customer and supplier existing systems - SiS-id has integrated AI and blockchain into its solution to reinvent and enhance the traditional data-pooling and enrolment models - My SiS-id benefits both customers and suppliers. Information has to be acquired and authenticated one time only to be made available to all - It is a viral business model: customers invite their suppliers onto the platform, suppliers in turn invite their suppliers and also their customers - The solution was co-developed with 13 pioneer customers (CFOs and Treasurers) to ensure it solves the business need, not technology for technology sake - My SiS-id is blue ocean strategy. No other such solution currently exists. The other solutions on the market only tackle parts of the problem.

The platform was developed in just 23 months and launched commercially in November 2017. The platform is currently being deployed in 2 clients in France, and 7 further companies are at contract stage. Our 13 pioneer accounts have shared their intention to deploy the solution at a cross-border level. Fraud has no borders and we believe the market potential in Europe and beyond is potentially considerable.

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The information about "COBAFRA" are provided by the European Opendata Portal: CORDIS opendata.