Founded: December 2016
Products: Authorised push payment fraud prevention and detection service platform.
Overview: Authorised push payment fraud is based on social engineering and by far the most widespread and difficult fraud to stop. To respond to cyber threats, many companies are still using manual processes to check their suppliers’ bank details. They resort to call-backs and paper processes and in doing so increase the risk of security breaches.
Sis ID was set up by 13 finance directors and treasurers from CAC40 firms to try to capitalise on their individual experiences and expertise, and to try to anticipate and respond to changes in fraud. Their solution is the first corporate finance collaborative platform designed and created to address fraud in banking. It does so by standardising supplier authentication on a single platform that authenticates third party bank details, customers or suppliers, automating control tasks, and detecting fraud attempts at the earliest point.
Two models exist:
My Sis ID, a SaaS platform, can be used through any web browser. It enables users to:
- Automate bank details controls
- Secure each step of the Purchase-to-Pay process
- Share payment histories of thousands of companies
The Sis Inside platform integrates with enterprise business applications, such as ERPs and TMSs, using functional add-ons, technical connectors and APIs. It allows users to work in their usual environment.
Clients: Sis ID works with international large-scale companies from CAC 40 and mid-market firms including Colas, Bouygues Telecom, Cegedim, and Vinci Construction.
Active region(s): Europe, Asia-Pacific, North America and Middle East
Partners: BNP Paribas, IBM, Tradeshift, Bellin, Cambridge Link, CGI, e-Attestations, Esker, Exalog, HSBC, Mantu, Kyriba, PeopleSoft, Sage, Revolut, SEPAmail DIAMOND, Swift, Utsit, Teamwork
Employees: 20 employees in France, new offices in 2021 in the United Kingdom and Spain.
Funding: Sis ID’s capital was originally raised by Business Angels, its founders and the companies Attestation Legale and Infolegale. It has also received a grant from EASME, the EU Executive Agency for SMEs.
Ownership: 50% of shares are still in the hands of founders, employees and advisory board members.
Elevator pitch: “French FinTech founded in 2016, Sis ID helps large-scale companies fight wire transfer fraud. Created and designed by a group of 13 financial directors and treasurers from CAC 40 businesses, the collaborative platform My Sis ID enables companies to protect their banking operations though a unique centralised and secure repository, where they can share their experiences, expertise and data on fraud management. The power of collective intelligence at the heart of Sis ID network!”
Phone: +33 4 65 84 95 59
TMI view: The fact that business leaders have finally realised that the battle against fraud cannot be won in isolation is encouraging. That they are actively collaborating, sharing experiences, expertise, data, and an open platform that they have built, is real progress. With some big name partners on board, this platform already has considerable weight behind it. It needs support of many more businesses to take it to the next level, building in more shared data and knowledge for users to leverage.
Verdict: A simple yet great idea. Now it is a matter of getting the name and the idea out there.