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A National Platform for Digitizing & Securing Trade
Factoring and Invoice Finance Frauds. In the current period of considerable upheaval and uncertainty, increasing pressure on businesses is making fraudulent activity an ever-present risk for lenders.
Invoice financing is a big area of fraud where fraudsters present the same invoice to multiple banks for processing. Despite its prevalence, Such financing frauds are still often addressed as a passive event where a post-mortem identifies the red flags that were missed–meaning the loss isn’t prevented and often not enough is done to reduce the likelihood of it happening again.This is a general class of problem of inability to detect duplicate documents or non-genuine documents by a single organization with its past presented documents or in a multi organizational context where the same document is presented to multiple organizations across multiple verticals.
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The Solution Which Meets Needs!
We have developed a solution to eliminate the challenges that Banks face today in Invoice financing by introducing Invoice discounting fraud prevention platform, Trade Connect (TC).TC has been designed leveraging latest emerging and disruptive technologies like Block Chain, Artificial Intelligence, Deep Learning, OCR (ABBYY), and BOTS. This industry wide solution aims to check for duplicate and fraudulent invoices submitted by banks using the Block chain network.
TC is document clearing exchange system where documents of multiple types can be scrutinized, validated and confirmed on non-forging utilizing the latest technologies of blockchain to ensure trust, transparency and privacy between multiple organizations and at the same time along with dynamic rule-based models, Machine Learning/Deep learning techniques are utilized to detect fraudulent and duplicate documents.
Blockchain enables seamless on-boarding of the participants and at the same time keeping organizational data confidential, immutable and transparent.
Features
- Intelligent deduplication engine to detect genuine and non-genuine (tampered) documents (e.g., invoices for financing) to empower participants in analysis and decisions within controlled trusted environments.
- Nascent technologies like Blockchain and Artificial Intelligence to be used as the backbone of this platform for reaching end objectives of users.
- Scalable system to seamlessly support other industry verticals.
- Flexible platform with ability to be rolled out to other countries and jurisdictions.
- Feature of efficient on-boarding of new ecosystem participants without complex on-boarding requirements or upfront investment by the participants.
- OCR (ABBYY) technology is used for converting physical scanned documents into digitally read data.
What have we solved?
- Invoice duplication scenarios, i.e. the same invoice is submitted to the same bank multiple times for raising multiple invoice finance.
- Invoice Financing to Multiple banks where the same or similar invoice is submitted to different banks with exact copy or forged documents.
- Sanctions Risks and financial crime with cases of over and under Invoicing, money laundering, transactions with sensitive accounts.
Technology Path
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