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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 €

0

EC-Contrib. €

0

Partnership

0

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 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.

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

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 FR (LYON) coordinator 50˙000.00

Map

Leaflet | Map data © OpenStreetMap contributors, CC-BY-SA, Imagery © Mapbox

 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.

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