MonetaGo is leaving Hyperledger Fabric and porting its fraud mitigation network to Corda Enterprise, R3’s commercial distribution of its open source blockchain platform, Corda.
A blockchain-based solution launched in March last year, MonetaGo’s fraud mitigation network helps banks reduce fraud in receivables financing by enabling them to check if invoices have already been financed and verify the authenticity of electronic waybills. The blockchain network enables a bank to hash certain elements of the invoice, create a unique fingerprint for it and then publish it to the network. The bank can then apply different states to the invoice, such as whether it has been registered or financed. MonetaGo is also working to add in other states, including whether an invoice has been registered with the tax authority.
The Corda Enterprise migration will power the next deployment of the solution in Latin America, with an initial launch consortia in Mexico comprising six banks.