Sis ID provides a platform for verifying beneficiary bank details and maintaining accurate third-party databases to prevent transfer fraud. The solution offers real-time validation and certification of payment information, ensuring secure transactions and compliance with regulatory standards.
Funding
$6.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Companies face increasing risks of Authorized Push Payment (APP) fraud, where criminals deceive them into willingly transferring funds to fraudulent accounts. Traditional methods of verifying beneficiary bank details are often manual, time-consuming, and prone to errors, leaving organizations vulnerable to financial losses and reputational damage.
Solution
Sis ID provides a real-time platform for verifying beneficiary bank details and maintaining accurate third-party databases, helping businesses mitigate transfer fraud risks. The platform offers a single point of entry for verifying bank account information globally, leveraging over 3,800 data points to deliver instant and reliable results. Sis ID's solution enables companies to perform pre-payment verification, audit existing third-party data, and maintain a clear audit trail of all payment-related activities. The platform is accessible through a web application (My Sis ID) or via API integration (Sis Inside), allowing for flexible deployment within existing workflows.
Target Audience
Sis ID primarily serves finance, risk, compliance, security, HR, and procurement departments within medium to large enterprises, as well as banks, seeking to enhance payment security and reduce fraud risks.
Features
- Real-time verification of beneficiary bank details against a global database of financial and institutional data
- Batch verification capabilities for auditing and cleansing existing vendor databases
- Automated alerts for changes in beneficiary bank details, enabling proactive fraud prevention
- Secure, time-stamped audit trails for all verification activities, facilitating compliance and internal controls
- Integration with ERP, SRM, P2P, e-invoicing, and HR systems via API (Sis Inside)
- Web application (My Sis ID) for ad-hoc verification and reporting
- Optional insurance coverage against financial losses due to fraudulent transfers
- Certification of controls with exportable PDF certificates available in multiple languages
- Processes compliant with ANSSI (French National Agency for Information Systems Security) requirements for outsourced counter-calls