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Trustpair Recognized as an SAP Spotlight Partner App

Trustpair, a leading payment fraud prevention platform for large companies worldwide, today announced its recognition as an SAP Spotlight Partner App. Trustpair is now listed among the top 50 apps globally on the SAP Store.

The platform was selected as a Spotlight Partner for its proven ability to help companies fight the growing risk of vendor payment fraud through automatic international account validations. Spotlight Partner apps are validated by SAP and are selected for providing strong performance and outstanding customer support.

“We’re thrilled to be selected by SAP as a top partner. Our recognition as a Spotlight Partner is a testament to the business criticality of vendor payment fraud prevention. Fraudsters are increasingly becoming more sophisticated in their ability to usurp suppliers’ identities and intercept their payments. Companies can fight back by strengthening their account validation processes and data reliability across the procure-to-pay chain, which are two areas in which our native integration with SAP helps solve,” said Baptiste Collot, co-founder and CEO of Trustpair.

Trustpair helps more than 250 large global companies prevent vendor payment fraud across the entire procurement process with access to the most reliable third-party data worldwide. Trustpair’s platform monitors millions of data points from internal and external data sources and provides real-time international account validation at various points in the supplier lifecycle. Companies can continuously monitor and enrich their vendor data with Trustpair and get a complete view of their fraud risk.

BigID Lands on Deloitte Technology Fast 500™ for the Third Consecutive Year

BigID, the leading platform for data security, privacy, compliance, and governance, today announced it ranked number 333 on the Deloitte Technology Fast 500, a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 29th year.

This marked the third year that BigID has been ranked within Deloitte’s Technology Fast 500 Program.

“Landing on Deloitte Technology Fast 500 for the third year in a row speaks to the growing need to elevate data security, privacy, and compliance,” said Dimitri Sirota, CEO and Co-Founder of BigID. “This recognition of our growth reflects the fact that data is the digital oil of the information age and ensuring its integrity and safety will just get more important for organizations.”

 

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B2B payment fraudsters exploit security holes: Trustpair

Trustpair’s survey found that payment fraud is a growing concern for corporate financial professionals, with 56% of U.S. companies saying they were victims of a fraud attempt in 2022. About one in three respondents said the number of incidents has increased year over year.

Nearly a quarter of fraud victims said they lost more than $100,000, and 5% reported losing more than $1 million.

To combat the problem, companies have put a wide variety of measures in place, including manual reviews for payment change requests, according to Trustpair’s report. “These manual processes do not seem sufficient to fight fraud, especially considering the evolving nature of fraud,” it said, adding that technology can help finance teams “focus on where the risk really is and reduce low-value tasks.”

Last year, the FBI’s Internet Crime Complaint Center received 21,832 complaints involving fraud attempts via “business email compromise” scams, with adjusted losses totaling over $2.7 billion, according to a report released in March.

With such scams, criminals send an email message with a payment request that appears to come from a known source. This can include an emailed invoice with an updated mailing address from an individual impersonating a vendor.

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SAP.iO Foundry Latin America and Caribbean Kicks Off B2B Innovation in FinTech Program  

May 18, 2023 SAP SE (NYSE: SAP) today launched the 2023 program focused on innovation in financial technology (FinTech) at SAP.iO Foundry Latin America and Caribbean. The 10 startups have been selected by a jury of SAP experts, partners, customers, and investment funds to join the program, with 90% of the startups led by underrepresented individuals. 

2021 was a breakout year for venture capital deals in Latin America, with a total of $16.3 billion invested in startups – more than the previous five years combined. FinTech and financial services account for around 39 percent of this total investment. To address this demand, the SAP.iO program is designed for startups with innovative B2B FinTech solutions such as digital wallets, open banking, banking-as-a-service, and ‘Buy now, pay later’ (BNPL).  

During the 5-month program, the selected startups will work to build and develop long-term partnerships with SAP by defining joint use cases, product integration and various business development opportunities. SAP customers will also be involved in the program by evaluating opportunities for proof of concepts.  

The following startups are participating in the SAP.iO Foundry Latin America and Caribbean 2023 program:  

  1. Agrotoken creates a secure and frictionless ecosystem to make trading grains easier, more efficient and more reliable based on asset tokenization. 
  2. Bankuish simplifies access to personalized loans for gig workers and freelancers by translating their work into a language that financial systems can understand. 
  3. CryptoMate explores and launch Web3 digital transformation through simple APIs. 
  4. Jelou AI enables financial services via WhatsApp using AI. 
  5. Kanoo Pays is a digital wallet that allows users to make secure payments and transfer money from their mobile devices. 
  6. MetaMap eliminates manual and repetitive identity verification tasks for B2C FinTechs, helping them to onboard and verify new users. 
  7. Slice reimagines the financial orchestration by collecting data from multiple sources and structuring a data lake at a comprehensive ledger.  
  8. Synaptic is an open finance solution that automates capturing, processing and delivering data. 
  9. Toku Spa offers a simplified payment system that collects debts, reduces late payment and improves the fidelity of customers.  
  10. Wispok allows users to create QR codes, encrypted graphics, and payment links that are unique to each person and lead to a checkout where users can see the amount due for each payment.  

About SAP.iO
SAP.iO curates a relevant and diverse startup ecosystem that extends the value of SAP solutions and meets the continuously evolving needs of our customers. Our programs provide dedicated support to the most promising startups as they launch and scale relationships with SAP and our global network of customers, partners, and employees. Since 2017, we have connected thousands of SAP customers with innovative enterprise software startups, helping them find solutions to their unique needs. For more information, visit http://sap.io/.    

BigID Named Market Leader: Data Security Posture Management in the Coveted Global InfoSec Awards during RSA Conference 2023

BigID, the leading platform for data security, privacy, compliance, and governance, is proud to announce we have won Market Leader Data Security Posture Management (DSPM) award from Cyber Defense Magazine (CDM), the industry’s leading electronic information security magazine.

“We’re thrilled to receive one of the world’s most prestigious and coveted cybersecurity awards from Cyber Defense Magazine during their 11th anniversary – highlighting our leadership in the emerging category of Data Security Posture Management,” said Dimtri Sirota, CEO of BigID.

We’re thrilled to be a member on this coveted group of winners, located here: http://www.cyberdefenseawards.com/

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Micro-climate technology startup Sencrop raises $18 million led by JVP, will expand into Israel

The French company, whose data-driven precision app enables more than 20,000 farmers to have a crop-oriented vision of the weather conditions, disease and pest risks, and their irrigation needs, will open an extension in the International Foodtech Center in the Galilee

French startup Sencrop, which develops micro-climate technology, announced on Tuesday that it has raised an $18 million Series B fundraising round led by Israeli venture capital firm JVP, as part of the VC fund’s climate and foodtech initiative. EIT Food, supported by the European Union, Stellar Impact (managed by Telos Impact), IRD Management, and Sencrop’s existing shareholders, including BPIfrance, Demeter IM, and NCI Waterstart, are also taking part in the transaction. JVP’s investment was led by General Partner Gadi Porat and Director of Investments Alexandre Dahan.

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Sedna banks $34M for a platform that parses large volumes of email and chat to automatically action items within them

Many have tried to do away with it, but email refuses to die … although in the process it might be (figuratively speaking) killing some of us with the workload it brings on to triage and use it. A startup called Sedna has built a system to help with that — specifically for enterprise and other business customers — by “reading” the text of emails and chats, and automatically actioning items within them so that you don’t have to. Today, it’s announcing funding of $34 million to expand its work.

The funding, a Series B, is being led by Insight Partners, with Stride.VC, Chalfen Ventures and the SAP.iO fund (part of SAP) also participating. The funding will be used to continue building out more data science around Sedna’s core functionality, with the aim of moving into a wider set of verticals over time. Currently its main business is in the area of supply chain players, with Glencore, Norden and Bunge among its customers. Other customers in areas like finance include the neobank Starling. London-based Sedna is not disclosing valuation.

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Deepgram raises $25 million to build custom enterprise speech recognition models

Deepgram, a Y Combinator graduate building custom speech recognition models, today announced that it raised $25 million in series B funding led by Tiger Global. CEO and cofounder Scott Stephenson says the proceeds will bolster the development of Deepgram’s platform, which enables enterprises to process meetings, calls, and presentations in real time.

The voice and speech recognition tech market is anticipated to be worth $31.82 billion by 2025, driven by new applications in the banking, health care, and automotive industries. In fact, it’s estimated that one in five people in the U.S. interact with a smart speaker on a daily basis and that the share of Google searches conducted by voice in the country recently surpassed 30%.

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Sompo Japan Selects EasySend No-Code Customer Journey Platform

Sompo Japan (Tokyo), the second-largest non-life insurance company in Japan, has selected EasySend (Tel Aviv) to introduce the vendor’s no-code digital customer journey platform into Sompo’s marine insurance accident notification system.

To meet customers’ evolving needs and expectations, Sompo Japan reports that it has devoted three digital labs, in Tokyo, Tel Aviv, and Silicon Valley. Sompo Digital Labs focus on promoting digital transformation, exploring innovative, emerging start-ups, and conducting joint proof-of-concept projects with SOMPO Holding’s different business units. According to a joint statement from Sompo and EasySend, Sompo Digital Labs played a key role in introducing EasySend’s no-code development platform to Sompo Japan, resulting in a commercial agreement between the two companies aiming to improve Sompo Japan’s customer experience (CX) and work efficiency.

EasySend provides a cloud-based, no-code development platform to insurance and other financial service companies in Europe, the United States, and Israel. The company says it transforms paperwork into digital journeys in a very short period of time. EasySend says its platform does not require any programming expertise and allows non-developers to create digital journeys quickly and easily with an intuitive drag-and-drop interface and pre-made templates. The firm asserts that its platform greatly improves CX and reduces time-to-market as well as operational costs. By continuously developing digital journeys to improve customer experience and operational efficiency, EasySend says it enables businesses to flexibly respond to the ever-changing business environment and customer needs.

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SAP Startup Spotlight: EasySend

SAP invests in a lot of promising startups, and it’s sometimes hard to keep track of all of them. E-3 Magazine has selected the most interesting companies to showcase in our SAP Startup Spotlight Series. In this article, we will take a look at EasySend.

E-3 Magazine talked to Tal Daskal, CEO and co-founder of EasySend, about what his solution has to offer and what is next for the company.

Why did you start EasySend to begin with?

Daskal: We – meaning EasySend’s founders, Omer Shirazi, Eran Shirazi, and me – worked at one of the largest insurance companies in Israel and saw first-hand the extent of the problem that paperwork and manual processes create in insurance. We understood the internal pain of employees – the amount of paper and PDF forms that needed to be filled out just didn’t make sense. And that’s how the idea for EasySend was born – eliminating manual processes and replacing them with digital journeys.

How could your solution potentially help customers navigate the COVID-19 pandemic and the different challenges of reopening?

Daskal: The COVID-19 pandemic made it clear to us and to our prospective customers that digital transformation is no longer optional. No matter the industry, enterprises are moving towards a more digital future. EasySend helps organizations achieve just that, creating a digital culture at scale in record time and at a fraction of the cost. We raised the funding amidst the Coronavirus pandemic within just two months after starting the fundraising process – which just goes to show the current demand for secure, efficient and easy-to-use digital processes.  

How are you connected to SAP? Can your solution be integrated in SAP systems?

Daskal: EasySend is an SAP Partner Edge Integrate partner. EasySend’s solution allows SAP’s current and future customers in the finance and insurance industries to digitize critical customer-facing processes, ultimately increasing conversion rates and improving user experience. Through the partnership with SAP, EasySend is able to create holistic solutions for potential customers by leveraging its unique proposition coupled with SAP’s technological capabilities and market share. EasySend’s intelligent eForms easily integrate with any legacy and core banking system and third-party service, including out-of-the-box integration with leading CRM and ERP systems, including SAP. EasySend is continuing to work with SAP in order to bring the solution to SAP’s customer base. We also joined the SAP.io program to build a solution together.

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SAP.iO Foundry Singapore Launches FinTech and COVID-19 Recovery Acceleration Program

 SAP SE (NYSE: SAP) today kicked off the SAP.iO Foundry Singapore Fall 2020 acceleration program focused on COVID-19 recovery, FinTech and spend management. The selected business-to-business startups will help SAP’s customers extend the value of their investments in SAP Concur solutions for travel and expense management.

“By helping these enterprising startups in the SAP.iO program scale, we enable our customers to benefit from the value of some of these unique solutions and emerging technologies when they become available in SAP Concur App Center,” said Andy Watson, SAP Concur senior vice president and general manager, Asia Pacific Japan and Greater China.

The selected startups will have access to curated mentorship from SAP executives, exposure to SAP technology and application programming interfaces (APIs) and opportunities to collaborate with SAP customers. The program will culminate at the SAP.iO Cohort Demo Day in December 2020.

“COVID-19 is pushing many businesses to go digital in search of growth,” Singapore Economic Development Board Vice President Ang Chin Tah said. “The Singapore Economic Development Board is glad to support the SAP.iO Foundry Singapore Fall 2020 acceleration program, which will bring startups from all around the world to Singapore to develop products that meet the needs of the new operating environment. Singapore’s established base of industry leaders in finance and digital, as well as connectedness to regional markets, make us a great testing ground for their ideas. It is a wonderful new addition to our thriving ecosystem.”

In line with the SAP.iO No Boundaries initiative, the cohort includes several startups founded or led by female entrepreneurs, a testament to SAP’s belief that a healthy ecosystem includes entrepreneurs from diverse backgrounds.

The following startups are part of the SAP.iO Foundry Singapore Fall 2020 program:

  • CardUp offers a credit card enablement platform, enabling the payment or collection of big expenses using credit cards, where cards are not accepted today.
  • LuggAgent creates a standardized international luggage delivery and tracking platform by widely applying radio frequency identification (RFID) while working with logistics services providers in varying countries.
  • MatchMove makes it easy for users to move digital cash securely, allowing easy spending, sending and lending.
  • Railsbank’s open banking platform and APIs empower financial innovators to create financial services products and experiences for their customers.
  • Staple offers cognitive technology that can read, interpret and extract data from business documents faster, more affordably and more precisely than humans, at scale and in any language.
  • Timeshifter is the world’s first platform for circadian (body rhythm) shifting and helps businesses empower their traveling employees to create their own jet lag plans.