Today,
Tradeshift announced its partnership with fraud protection firm
SiS for a blockchain-based supplier verification app. The firms hope to tackle payments fraud by immutably storing supplier bank details on a blockchain, allowing all invoices to be cross-checked to ensure authenticity.
French firm SiS brings together company CFOs to pool genuine supplier identities. These are stored transparently and safely on a Hyperledger-based blockchain. So clients can verify the bank details requesting payment against a trustworthy ledger. Meanwhile,
Tradeshift, a unicorn in digitizing supply chain and trade finance, has an extensive network of 1.5 million clients, including DHL and Unilever, processing over half a trillion dollars.
The AFP
claims that 82% of businesses have been targeted by payments fraud in the last year alone. In SiS’s native France, this makes up half of all corporate fraud, in which firms are scammed into paying fraudsters instead of their suppliers. They use counterfeit invoices, hacked emails, or stolen identities to appear genuine.
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