MonetaGo enables CredAvenue to prevent fraudulent financing
CredAvenue, a debt marketplace and part of Vivriti group, has gone live with MonetaGo’s invoice fraud prevention solution. MonetaGo will enable CredAvenue to prevent the risk of double financing of invoices and help with verifying the genuineness of the invoices and eWay Bills submitted for financing.
The pandemic has placed tremendous pressure on alternative finance providers to deliver reliable cash flow to businesses, particularly in the Indian market, where SMEs suffering from liquidity issues on a large scale require faster funding than before. However, working capital solutions are significantly prone to fraud and risk must be effectively managed even within shorter time cycles. MonetaGo’s solution helps financiers mitigate risks in real time. MonetaGo’s partnership with CredAvenue is a significant step towards a new and improved standard of security in financing.
While MonetaGo prevents double financing, it also authenticates invoices with India’s Goods and Services Tax Network (GSTN) database and verifies the eWay Bill submitted with NIC eWay Bill. This enables CredAvenue to better evaluate the risk profile of its customers and speed up the entire process of receivables financing. CredAvenue is a one-stop shop for all the debt requirements for its target clientele.