COBAFRA
Combatting Banking Fraud with SiS-id: A unique solution for preventing corporate payments fraud using AI and blockchain
Total Cost €
0EC-Contrib. €
0Partnership
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0COBAFRA project word cloud
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Project "COBAFRA" data sheet
The following table provides information about the project.
| Coordinator |
SIS
Organization address contact info |
| 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
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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.