India Factoring goes live on MonetaGo’s blockchain-based solution to prevent Invoice Fraud
India Factoring and Finance Solutions, one of the few non-bank finance factoring companies in India, has gone live with MonetaGo’s blockchain-based invoice fraud prevention solution. Headquartered in New York, MonetaGo’s solution allows India Factoring and Finance Solutions to prevent duplicate financing of invoices and helps with the authenticity of invoices and eWay Bills submitted for financing.
“As a non-banking factoring company in India, we need to stay ahead of the competition and provide a seamless, yet secure lending experience to our MSME customers. In this regard, India Factoring is at the forefront of leveraging innovative and new age technology to accelerate its business growth. The blockchain solution provided by MonetaGo fits such requirements and will help us scale up our MSME portfolio while ensuring the security necessities in trade finance transactions”, said Ravi Valecha, CEO of India Factoring and Finance Solutions.
Working capital solutions can unfortunately be exposed to fraudulent transactions. MonetaGo’s solution helps firms to not only digitise their trade receivables workflow, but also integrates seamlessly with the company’s existing systems. Apart from detecting duplicate invoices being submitted for financing, the platform also authenticates invoices with India’s Goods and Services Tax Network (GSTN) database and also verifies the eWay bills with the NIC eWay Bill portal.
Jesse Chenard, CEO of MonetaGo said “India Factoring is an important customer for MonetaGo. Going live with our solution reflects the trust that is essential in the invoice authentication process to not only prevent double financing risk but also determine the genuineness of invoices being financed. The COVID-19 crisis has enabled lenders to provide a seamless experience for their customers through this automated invoice financing program.”
MonetaGo’s solution has been implemented by all three RBI regulated TReDS exchanges of India since March 2018. The company is expanding its fraud detection eco-system rapidly in India for onboarding banks, significantly important NBFCs and Fintech players in the Indian market. MonetaGo is now expanding in other geographies in the Asia-Pacific, European, Latin American and Middle East.
About India Factoring
India Factoring, a subsidiary of FIMBank plc, based in Europe, is registered with the RBI as a Non-Bank Financial Institution – Factor with a key focus on micro, small and medium enterprises, as an initiative towards financial inclusion. As a financial services company, India Factoring specialises in working capital solutions through the factoring product, aimed at converting receivables into cash.
For more information, please visit www.indiafactoring.in
MonetaGo provides advanced digitised workflow solutions for financial institutions. The MonetaGo product suite improves the efficiency and security of delivering financial products. MonetaGo previously launched India’s first live blockchain network in 2018, built to interoperate seamlessly with existing financial infrastructure and integrate with minimal disruption and cost.
For more information, visit www.monetago.com