The MonetaGo Secure Financing system combines document fingerprinting and document data authentication provide real-time protection against fraud.
The Secure Financing system
Secure Financing is a multi-module trade finance operating system that combines digitization and fraud prevention solutions, by leveraging encryption and confidential computing technology. This enables financiers to cooperate to detect suspicious transactions.
Solutions
Deduplication
Our industry-leading approach with Google Confidential Compute enables ecosystem level duplicate financing detection at scale.
We don't change the application or workflow for managing your financing operations, we supplement them with the required data to enable duplicate financing requests from customers, shielding you from risk and losses.
We don't store your documents. We are trade finance product agnostic. By leveraging metadata fields from trade documents we can provide insight into both exact matches (exact document being financed at another financial institution) and partial match detection (when fraudsters alter some fields in their attempt to evade detection).
In production since 2018 and operational over billions of dollars of trade, we are a trusted, proven duplicate financing detection solution.
Authentication
Connecting to various golden sources of data around the world and removing the complexity of integration while delivering the data points you need to reduce risk.
Through the submission of a small subset of metadata using documents such as the Bill of Lading, we verify against various golden sources of data to provide you further insights into the authenticity of documents.
With Lloyds List Intelligence, S&P Global, regional tax registries, and with many more to come, we take care of the complexity of integration and provide you with a simple, unified response back.
We also integrate with data sources such as Legal Entity Identifiers (LEIs) which allow us to automate validation of entities in a transaction, aiding in validation of identity within documents as well as streamlining KYC processes.
Over/Under Invoicing Detection
Also referred to as misinvoicing, our unique approach enhances the efficacy of detection through the collation of transactional data at the customer level, and aggregating statistics and analyses in a privacy preserving manner across financial institutions to detect unit pricing anomalies.
Using analytics and big data, long term contract impacts on price variations across the broader community of financiers can be established. Nuances around trade corridors and economic sectors can also be applied.
Title Document Management
Exporters and carriers use various productivity tools to produce electronic Bills of Lading. Our objective is to shield you from that complexity when it comes to both presentation of documents and transfer of possession operations.
Branch level operations require a simplified approach to verifying and validating electronic title documents. The current mode of dealing with eBL platforms don't scale for operating model embedment.
Simplified verification and transfer of possession will greatly reduce operating model complications and enable you to scale out your verification and transfer of possession workflows, without the need to train employees on the various title document applications globally.
Deduplication
Our industry-leading approach with Google Confidential Compute enables ecosystem level duplicate financing detection at scale.
We don't change the application or workflow for managing your financing operations, we supplement them with the required data to enable duplicate financing requests from customers, shielding you from risk and losses.
We don't store your documents. We are trade finance product agnostic. By leveraging metadata fields from trade documents we can provide insight into both exact matches (exact document being financed at another financial institution) and partial match detection (when fraudsters alter some fields in their attempt to evade detection).
In production since 2018 and operational over billions of dollars of trade, we are a trusted, proven duplicate financing detection solution.
Authentication
Over/Under Invoicing Detection
Title Document Management
We are your super connector to the various golden sources of data around the world. Removing complexity of integration while delivering the data points you need to reduce risk.
Through the submission of a small subset of metadata using documents such as the Bill of Lading, we verify against various golden sources of data to provide you further insights into the authenticity of documents.
With Lloyds List, S&P Global, regional tax registries, and with many more to come, we take care of the complexity of integration and provide you with a simple, unified response back.
We also integrate with data sources such as Legal Entity Identifiers (LEIs) which allow us to automate validation of entities in a transaction, aiding in validation of identity within documents as well as streamlining KYC processes.
Also referred to as misinvoicing, our unique approach enhances the efficacy of detection through the collation of transactional data at the customer level, and aggregating statistics and analyses in a privacy preserving manner across financial institutions to detect unit pricing anomalies.
Using analytics and big data, long term contract impacts on price variations across the broader community of financiers can be established. Nuances around trade corridors and economic sectors can also be applied.
Exporters and carriers use various productivity tools to produce electronic Bills of Lading. Our objective is to shield you from that complexity when it comes to both presentation of documents and transfer of possession operations.
Branch level operations require a simplified approach to verifying and validating electronic title documents. The current mode of dealing with eBL platforms don't scale for operating model embedment.
Simplified verification and transfer of possession will greatly reduce operating model complications and enable you to scale out your verification and transfer of possession workflows, without the need to train employees on the various title document applications globally.
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Deduplication
Our industry-leading approach with Google Confidential Compute enables ecosystem level duplicate financing detection at scale.
We don't change the application or workflow for managing your financing operations, we supplement them with the required data to enable duplicate financing requests from customers, shielding you from risk and losses.
We don't store your documents. We are trade finance product agnostic. By leveraging metadata fields from trade documents we can provide insight into both exact matches (exact document being financed at another financial institution) and partial match detection (when fraudsters alter some fields in their attempt to evade detection).
In production since 2018 and operational over billions of dollars of trade, we are a trusted, proven duplicate financing detection solution.
-
Authentication
We are your super connector to the various golden sources of data around the world. Removing complexity of integration while delivering the data points you need to reduce risk.
Through the submission of a small subset of metadata using documents such as the Bill of Lading, we verify against various golden sources of data to provide you further insights into the authenticity of documents.
With Lloyds List, S&P Global, regional tax registries, and with many more to come, we take care of the complexity of integration and provide you with a simple, unified response back.
We also integrate with data sources such as Legal Entity Identifiers (LEIs) which allow us to automate validation of entities in a transaction, aiding in validation of identity within documents as well as streamlining KYC processes.
-
Over/Under Invoicing Detection
Also referred to as misinvoicing, our unique approach enhances the efficacy of detection through the collation of transactional data at the customer level, and aggregating statistics and analyses in a privacy preserving manner across financial institutions to detect unit pricing anomalies.
Using analytics and big data, long term contract impacts on price variations across the broader community of financiers can be established. Nuances around trade corridors and economic sectors can also be applied.
-
Title Document Management
Exporters and carriers use various productivity tools to produce electronic Bills of Lading. Our objective is to shield you from that complexity when it comes to both presentation of documents and transfer of possession operations.
Branch level operations require a simplified approach to verifying and validating electronic title documents. The current mode of dealing with eBL platforms don't scale for operating model embedment.
Simplified verification and transfer of possession will greatly reduce operating model complications and enable you to scale out your verification and transfer of possession workflows, without the need to train employees on the various title document applications globally.
The Secure Financing system
Secure Financing is the world’s only global solution for mitigating duplicate financing fraud in trade finance. Leveraging encryption and confidential computing technology enables financiers to cooperate to detect suspicious transactions in a collaboration that was not previously possible. Leading with a global-utility, standards-first, and industry organization-approved approach breaks down silos for truly effective fraud prevention within and across borders.
The Secure Financing system uses digital fingerprinting technology to deduplicate and authenticate documents, for real-time protection against duplicate financing fraud.
How Secure Financing works
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Step 1
The borrower presents the documents required for its financing application to the financier.
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Step 2
The financier registers a transaction by submitting relevant data from documents to the Secure Financing system.
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Step 3
The document data is hashed, creating a unique fingerprint for each document.
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Step 4
The document’s fingerprint is recorded on the registry, against which applications can be checked / reviewed for duplicates.
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Step 5
MonetaGo's authentication service validates document data against reliable sources to identify fake or tampered documents, to flag potential fraud attempts.
Benefits of Secure Financing
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The same information always creates the same fingerprint, ensuring an accurate and consistent database of document fingerprints to match against.
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The algorithm is fast and serialisable ensuring only one financing is possible even if multiple applications are processed concurrently.
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Document information is hashed, providing complete privacy and eliminating the risk of information leakage.
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Data is securely encrypted with AES and SSL and the information security management system is ISO 27001- certified.
Ways to connect
Secure Financing is available to financiers as a web-based UI as well as RESTful API, with multiple channels available.
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Where automated integration is not viable or cost-effective, a web application can be used for processing of transactions. This will also provide a visual platform for report generation by users even if they are API consumers.
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Client integration to APIs is facilitated by OpenAPI 3 specifications and ISO 2022 compliance.
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To facilitate as many integration options as possible, MonetaGo works openly with various channel partners to offer access to the service, including direct integration to existing trade platforms and core systems providers.
Swift & MonetaGo: The Trade Finance Validation Service
Secure Financing is available
via the Swift API gateway
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In a first-of-its-kind partnership with Swift, the Secure Financing solution is the first value-added trade service accessible to Swift’s 11,000 members worldwide via the Swift Global API Gateway
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Swift provides identity management, authentication, security, network reach and connectivity for banks worldwide to the global Secure Financing service.
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Learn more about Secure Financing available via Swift here.
Key achievements and milestones
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-The International Chamber of Commerce United Kingdom (ICC United Kingdom) has announced a new initiative to strengthen the UK finance industry against the impacts of duplicate financing fraud. The Centre for Digital Trade and Innovation (C4DTI)-led initiative will leverage ICC United Kingdom’s convening capabilities to deliver this flagship project under the C4DTI’s Shutting fraudsters out of trade workstream in partnership with MonetaGo.
-efcom and MonetaGo join forces to future-proof the factoring industry. The partnership will see MonetaGo's Secure Financing platform integrated into efcom's core factoring platforms, providing financiers with an additional layer of security and increasing trust in the factoring industry amid rising demand.
-MonetaGo partners with Lloyd’s List Intelligence to authenticate key trade finance documents to strengthen its real-time interruption of fraudulent trade financing attempts through the authentication of key trade documents.
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-The Secure Financing platform was designed in collaboration with leading global banks through proof of concepts and pilots. Inspired by MonetaGo's Secure Financing platform in India, global Secure Financing serves worldwide banks who encounter fraud carried out across borders, originating from anywhere in the world.
-Through a first-of-its-kind partnership with Swift, the new Secure Financing platform is the first value-added trade service accessible to Swift’s 11,000 members worldwide via the Swift Global API Gateway. With the launch of the system over Swift, the trade finance industry now has a natively global solution that is interoperable between markets, institutions, and platforms, enabling financiers to catch and stop both domestic and cross-border fraud.
-The International Chamber of Commerce UK (ICC UK) and MonetaGo release a key industry whitepaper ‘Shutting fraudsters out of trade’.
-Leading Edge Technology: Pioneer in Data Privacy. Pioneering usage of Google Cloud’s Confidential Computing technology to allow financiers to compare pooled data securely, anonymously and in real-time, meaning nobody can access the data.
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-After an extensive bidding process, the Association of Banks Singapore (ABS) selected MonetaGo to build the Singapore Trade Finance Registry, an interoperable industry utility that bridges information silos between banks to combat duplicate financing fraud in the Singapore domestic market.
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-In December 2020, MonetaGo was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant. The goal was to prove that institutions can prevent duplicate financing fraud relating to Invoices, Purchase Orders, Warehouse Receipts, and Bills of Lading by collaborating from any location.
The resulting whitepaper was released entitled ‘A Global Standardized Approach to Combating Duplicate Financing Fraud in Trade Finance.
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-Secure Financing is deployed: Built originally for India’s Trade Receivables e-Discounting System (TReDS) exchanges, commercial banks, and factors to prevent duplicate financing in the Indian domestic receivables finance market.
How to join
Getting started is easy
Getting started with MonetaGo is easy. Simply fill in the below form and a local representative will contact you.
