MonetaGo Delivers Major Milestones in Strategy for Trade Finance De-duplication in India
Four years after commencing an ambitious mission to prevent duplicate financing of invoices in India, MonetaGo today underlines major progress in delivering on its commitments, including transforming the speed and transparency of invoice financing and unlocking the value of disparate information spread across multiple organisations and data silos.
The service was launched in partnership with three trade receivables finance exchanges licensed under the Reserve Bank of India-supported Trade Receivables Discounting System (TReDS), that allows SMEs to auction their trade receivables from corporate customers on each of the receivables finance exchanges’ digital platform, MonetaGo implemented its Secure Financing system in India in March 2018.
“Each exchange needed to be able to identify whether an invoice had been financed by their competitors, but for commercial reasons needed a solution that kept customer information private,” says Jesse Chenard, founder and CEO of MonetaGo. “MonetaGo’s solution enabled the exchanges to share select document information, which is cryptographically hashed to create document fingerprints that are then pushed to MonetaGo’s secure, unified data repository to detect matches in near real time.”