Combat risk, reduce loss and maintain compliance
Recent years have seen a dramatic rise in duplicate trade financing fraud, with billions of dollars being lost and many financiers reviewing their appetite for risk, resulting in a further increase in the trade finance gap.
Although regulators are applying greater pressure to mitigate this risk while protecting customer data confidentiality, many financiers are still struggling to identify when they might be one of several being asked for finance against the same invoice.
Our invoice validation and fraud prevention solution has been designed to do just that, carrying out an effective invoice comparison process using a global validation database via the sharing of hashed crypto document fingerprints.
Based on SHA256 technology – the leading globally accepted cryptographic hashing algorithm for data protection and integrity – our solution allows any financier to check and compare trade documents without having to disclose any customer information at all.
How it helps:
– Mitigate risk with unique invoice identifiers enabling visibility and identification of multiple finance requests.
– Maintain security and compliance with on-premise deployment for total data privacy maintained only with hashed crypto invoice fingerprints sent to the global validation database.
– Collaborate with peers through our easily integrated, open API-based solution to resolve any fuzzy matches and prevent duplicate financing fraud losses before they happen.
– Optimize visibility with reports to show which documents are being checked and the status of each.