Etisalat and FAB, In collaboration with Avanza Innovations developed a solution to eliminate the challenges that Banks face today in Invoice financing by introducing UAE’s first Invoice discounting fraud prevention platform, UAE Trade Connect (UTC).
UTC 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.
UTC 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