EmerioBanque

MonetaGo’s Invoice Fingerprint System To Prevent Trade Finance Deduplication In India

As per the latest news, MonetaGo reported a significant advancement in following through with its commitments of preventing duplicate financing of invoices in India, four years after its commencements, by introducing ways of reshaping the speed and transparency of invoice financing and realizing the importance of different data spread across various organizations and data silos.

The aforesaid service was introduced in an association with three trade receivables finance exchanges authorized under the Reserve Bank of India-supported Trade Receivables Discounting System (TReDS), through which the SMEs can sell their trade receivables from corporate clients on each of the receivables finance exchanges’ digital platform, MonetaGo executed its Secure Financing system in India in March 2018. Surecomp’s cryptographic fingerprints to combat duplicate trade financing fraud is also an initiative in this regard.

“Each exchange is required to be capable of determining whether an invoice had been funded by their competitors, but for commercial concerns, a solution was required that kept client data are hidden.” Said Jesse Chenard, founder, and CEO of MonetaGo. “MonetaGo’s solution made it possible for the exchanges to share select document data, which is cryptographically hashed to make document fingerprints that are then sent to MonetaGo’s safe, and unified information repository to identity matches in near real-time.”

With MonetaGo carrying genuinely needed reliability into the system, the number of transactions that were funded via TReDShas encountered huge development, from INR 111.65 billion in the financial year ending March 2020 to INR 343.62 billion in the financial year ending March 2022. MonetaGo has now handled over 2.5 million exchanges, with an absolute worth of INR 692.7793 billion.

The advancements that have been brought by MonetaGo to the Indian market over the past 48 months are focused on its essential plan to de-duplicate international trade finance. Clients of the Secure Financing system in India have been extended to incorporate commercial banks (accessing via SWIFT India) and non-bank financing organizations (accessing via direct interface). MonetaGo has its hold from across the financial community for the advancement it is bringing and is presently carrying out the Secure Financing platform accessible via the international SWIFT network.

“It has been an incredible partnership with MonetaGo for the past four years, with MonetaGo continuously achieving success. Factoring is one of the important trade finance instruments for SMEs to address liquidity issues, but the plan of action requires a strict system to avoid misleading activities via double financing. MonetaGo’s invoice fingerprint system has assisted TReDS platforms in making sure of the authenticity of invoices and eWay Bills provided for funding. MonetaGo has been important towards assisting RXIL to get the agenda of on-time funding for MSMEs,” Said Ketan Gaikwad, CEO and managing director of RXIL.

“Never in history has the world had a more trustworthy solution for the Secure Financing platform. MonetaGo assisted us by adding a strict wall of crucial control for our local factoring proposition in India. India Factoring and Finance Solution Pvt. Ltd. is pleased to have been partnered with MonetaGo since the beginning of the Secure Financing solution and closely looks forward to the application of the global solution,” said Ravi Valecha, CEO of India Factoring.

“It has been an immense journey with MonetaGo as a tech partner”, said Sundeep Mohindru, CEO of M1xchange. “M1 associated with MonetaGo to diminish the risk of any duplicate discounting of local trade invoices. The blockchain platform was established quickly in terms of solution and production support. We are pleased to stretch out this journey to the next level where M1 and MonetaGo are operating together to apply solutions for a large range of export/import invoices.”

Source

https://ibsintelligence.com/ibsi-news/monetago-delivers-milestones-in-strategy-for-trade-finance-de-duplication-in-india/





Other news

Exchange Rates

Currency Buy Sell
EUR USD 1.06 1.10
EUR GBP 0.86 0.89
EUR CHF 1.02 1.06
EUR AUD 1.72 1.70
EUR JPY 116.08 116.56
EUR MYR 4.50 4.77
EUR SGD 1.53 1.57
EUR HKD 8.27 8.53
EUR CAD 1.54 53.84
EUR DKK 9.75 1.55

Most Recent Blogs View All Blogs

22 Nov

How Banks Can Parlay Technology into a Competitive Edge

Technology has become a new basis for banks in order to survive in the competition. Leading banks us...

21 Nov

Trade Credit Finance: The Advantages and Disadvantages

The Trade credit is basically a kind of short-term financing which permits the businesses to purchas...

15 Nov

International Trade Finance Trends: What To Expect In 2023

International trade finance is considered as the dynamic along with an ever-evolving field which als...

Disclaimer

Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing help@emeriobanque.com

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at compliance@emeriobanque.com if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.