Project description DEENESFRITPL New platform to fight bank transfer fraud Hundreds of millions of euro are lost each year to bank transfer fraud, which is on the rise. Studies show that over half of fraud committed is supplier fraud. The EU-funded COBAFRA project will assist in commercialising a collaborative platform designed and created by CFOs and treasurers, My Sis ID. Highly secure, it has no payment system, and its interface addresses the identity part of the payment process. The platform integrates with existing customer and supplier systems, and, by integrating artificial intelligence and blockchain into its solution, the platform benefits both customers and suppliers: customers can invite their suppliers onto the platform and suppliers can invite their customers. No similar solution currently exists. Show the project objective Hide the project objective 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. Fields of science natural sciencescomputer and information sciencesdatabasesnatural sciencescomputer and information sciencescomputer securitycryptographysocial scienceseconomics and businessbusiness and managementbusiness models Programme(s) H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs Main Programme H2020-EU.3. - PRIORITY 'Societal challenges H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies Topic(s) EIC-SMEInst-2018-2020 - SME instrument Call for proposal H2020-EIC-SMEInst-2018-2020 See other projects for this call Sub call H2020-SMEInst-2018-2020-1 Funding Scheme SME-1 - SME instrument phase 1 Coordinator SIS Net EU contribution € 50 000,00 Address LE BRITANNIA ALLEE C 20 BOULEVARD EUGENE DERUELLE 69003 LYON France See on map SME The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed. Yes Region Auvergne-Rhône-Alpes Rhône-Alpes Rhône Activity type Private for-profit entities (excluding Higher or Secondary Education Establishments) Links Contact the organisation Opens in new window Participation in EU R&I programmes Opens in new window HORIZON collaboration network Opens in new window Total cost € 71 429,00
