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Trade Finance Validation Service

The Trade Financing Validation Service powered by MonetaGo performs checks on financing documents to prevent domestic and crossborder duplicate financing frauds in trade finance.

Duplicate financing, through the reuse of the same documents with multiple lenders, is a hidden problem in trade finance. Many such frauds go undetected due to the lack of a detection mechanism. This means trade finance providers are likely to have duplicate financing in their portfolios which they are not aware of, and which may be discovered only after recovery efforts have been commenced for defaults.

The MonetaGo Secure Financing service provides a solution to the problem. It overcomes challenges created by information silos, private-private data sharing and data confidentiality within and between financiers, through the use of privacy-preserving technologies including confidential computing.

MonetaGo’s service is a natively global solution that is interoperable between markets. A global solution is necessary because duplicate financing fraud occurs in both domestic markets and across borders. The MonetaGo global approach is unique in the marketplace and serves to mitigate the risks of duplicate financing fraud both domestically and internationally.

The MonetaGo Secure Financing Service provides two complementary services to combat fraud in trade financing activities:

1.Deduplication. The solution prevents duplicate financing within and across financiers by comparing transaction data and informing financiers of match results.

2.Authentication. The solution verifies the data in documents through automated validation against trusted sources of data such as government authorities and logistics databases.

Financiers register select document information by sending the information through the SWIFT Global API. With each new document, MonetaGo hashes the document's critical information to create “digital fingerprints” to assure privacy for financiers and their clients. These digital fingerprints are compared with already registered fingerprints to detect exact or partial matches.

The MonetaGo solution leverages leading cutting-edge technologies to accelerate client growth, connect markets efficiently and prevent fraud, all while maintaining privacy and enabling critical real-time decision making. The ability to effectively detect, deter and prevent duplicate financing reduces risks, improves profitability of trade finance for financiers, and avails financing to corporate and MSME customers who genuinely need financing for their trade activities.

Please visit https://www.securefinancing.org to obtain more information and to contact MonetaGo for a discussion.

Developer Reference

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