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UAE Trade Connect

A State of the Art National Platform for Digitizing & Securing Trade

Factoring and Invoice Finance Frauds During the current COVID-19 crisis

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.

 

UAE Trade Connect

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).

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, 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

 

UTC Features

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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.

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Nascent technologies like Blockchain and Artificial Intelligence to be used as the backbone of this platform for reaching end objectives of users.

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Scalable system to seamlessly support other industry verticals.

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Flexible platform with ability to be rolled out to other countries and jurisdictions.

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Feature of efficient on-boarding of new ecosystem participants without complex on-boarding requirements or upfront investment by the participants.

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OCR (Optical character recognition) technology used for converting physical scanned documents into digitally read data.

What we solved together?

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 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.

Explore UTC!

UTC is a Blockchain-based solution launched with the aim of stopping the double financing of invoices. The tool allows banks and other entities to check if another funder has already paid an invoice, by cross-referencing it against a Blockchain-based central repository. Watch the video to understand how the solution works

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UTC wins “Fintech Partnership of the Year” award at FinTech Abu Dhabi Awards 2020!

Developed by Avanza and Etisalat in consultation with 8 leading banks of UAE , UTC is aimed at driving the digital transformation of trade in the UAE by enabling banks, enterprises and governments to collectively benefit from the latest technologies such as Blockchain, Artificial Intelligence, Machine Learning Models, OCR & Robotic Process Automation (RPA) to offer a state of the art national trade financing platform.

First Abu Dhabi Bank (FAB), Abu Dhabi Islamic Bank (ADIB), Commercial Bank International (CBI), Emirates NBD, Mashreq Bank, National Bank of Fujairah (NBF), Commercial Bank of Dubai (CBD), & Rakbank have joined the network.

Avanza Innovations is proud to work with the region’s most innovative organizations on cutting edge technologies & platforms as their trusted technology partners & aims to create many more success stories with all our stakeholders.

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