Haifin, a Trailblazing Trade Finance Platform,
A State of the Art National Platform for Digitizing & Securing Trade
Recognition of Excellence
Honored at the prestigious FinTech Abu Dhabi Awards 2020 for outstanding partnership and innovation in financial technology.
From the times of COVID-19 crisis we have factored Invoice Finance Frauds
In the times of significant upheaval and uncertainty, the mounting pressure on businesses is making fraudulent activity a constant risk for lenders.
Invoice financing is a major area of fraud where scammers submit the same invoice to multiple banks for processing. Despite its commonality, these frauds are often treated as passive events, where a post-mortem identifies missed red flags, leading to unprevented losses and insufficient measures to reduce future occurrences.
This issue stems from the inability to detect duplicate or non-genuine documents, either within a single organization’s past submissions or across multiple organizations presenting the same document in various sectors.
What is haifin
Etisalat and FAB, in collaboration with Avanza Innovations, have created a solution to address the challenges banks encounter in invoice financing by introducing the UAE’s first invoice discounting fraud prevention platform, haifin.
Etisalat and FAB, in partnership with Avanza Innovations, have developed a solution to tackle the challenges banks face in invoice financing by launching the UAE’s first invoice discounting fraud prevention platform, haifin.
haifin has been designed using the latest emerging and disruptive technologies such as Blockchain, Artificial Intelligence, Deep Learning, OCR (ABBYY), and BOTS. This industry-wide solution aims to identify duplicate and fraudulent invoices submitted by banks through the Blockchain network.
haifin is a document clearing exchange system where various document types can be scrutinized, validated, and confirmed without forgery, utilizing advanced blockchain technologies to ensure trust, transparency, and privacy among multiple organizations. Additionally, dynamic rule-based models and Machine Learning/Deep Learning techniques are employed to detect fraudulent and duplicate documents.
Blockchain facilitates seamless onboarding of participants while maintaining the confidentiality, immutability, and transparency of organizational data.
haifin Features
A flexible platform capable of being rolled out to other countries and jurisdictions.
It’s features enable efficient onboarding of new ecosystem participants without complex requirements or upfront investments.
OCR (ABBYY) technology is utilized to convert physical scanned documents into digitally readable data.
An intelligent deduplication engine is designed to identify genuine and non-genuine (tampered) documents (e.g., invoices for financing) to empower participants in analysis and decision-making within controlled, trusted environments.
Emerging technologies like Blockchain and Artificial Intelligence serve as the backbone of this platform to achieve the end objectives of users.
A scalable system that can seamlessly support other industry verticals.
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 haifin!
haifin 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.
Award Winner
haifin 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 (ABBYY) & 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.
Ready-made Products
Through our years of innovations across multiple industries, we have developed ready-made products that can help organizations evolve and move towards Blockchain based ecosystems preview screen.
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