Resources

Key Trade Documents and Data Elements on the Frontlines

Global trade is on the cusp of a transformation driven by digitalisation, where the physical flow of goods and finance are tracked and transacted through a similarly connected flow of data and electronic records. The key to accomplishing this is for all actors on the supply chain to use a finite set of digital trade standards which are interoperable, thus making possible the secure sharing of data wherever it is needed. The aim of this report is to showcase how this transformation takes place on a practical level and for different actors along the supply chain.


Download your free copy of the report below.

Recommendations Guideline:
Digital Implications of Detecting Fraud
in Trade Finance

The International Credit Insurance & Surety Association (ICISA) has just released their latest paper, outlining new checks insurers can undertake on parties claiming insurance in trade finance on falsified document and duplicate financing transactions.

"Given the prevalence of known claims over the past few years where large traders have collapsed owing significant sums of money to Banks and increasingly involving credit insurance, it is obviously a huge concern for the insurance sector. The fact that a vast majority of these claims involve allegations of fraud by the Seller or the Bank’s Client is even more concerning."


Download your free copy of the Recommendations Guideline below.

Shutting Fraudsters out of Trade: Second Edition

The increasing complexity of trade transactions, combined with the growing sophistication of fraudulent activities, poses a major challenge to the integrity and stability of global trade. Banks play a central role in the international trading system and are at the forefront of fraud mitigation. However, addressing these complex challenges requires a concerted effort by all stakeholders. In addition to the need for vigilance on the part of those involved, this includes comparable regulations in different countries, the introduction of global standards, collaboration within the industry and the use of the latest technologies.


Download your free copy of ‘Shutting Fraudsters out of Trade: Second Edition’ below.

Shutting fraudsters out of trade

The world’s 333 million companies support a global community of almost 8 billion people, all of whom rely on them to earn a living and live in a prosperous world. Businesses worldwide are battling an uncertain economic outlook with harsh macroeconomic conditions. Amid high energy prices, inflation, and monetary tightening, it is of paramount importance that the credit these businesses need to continue to trade globally remains available to them - and - that we further shut fraudsters out of trade.


Download your free copy of ‘Shutting fraudsters out of trade’ below.

A Global Standardized Approach to Combating Duplicate Financing Fraud in Trade Finance

In December 2020, MonetaGo was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant.

The FSTI POC grant provides funding support for experimentation, development, and dissemination of nascent innovative technologies in the financial services sector.

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.

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Frequently asked questions

 FAQs

  • Documents are cross-referenced and matches are detected across all Secure Financing users, regardless of access channel (UI versus API, Swift v.s non-Swift, etc.). This cross-referencing is enabled by our Global Hash Registry, which securely stores encrypted hashes of combinations of the document fields in confidential computing environments.

  • The Secure Financing matching engine leverages hashing technology to detect partial and exact matches. One hash is created for the required data fields, and multiple additional hashes are created for combinations of the required and optional fields. A duplicate detected against the first, required-fields-only hash would trigger a Critical Match, while duplicates detected against the latter would trigger a Partial Match. Partial matches are then run through decision-tree algorithms to determine if the partial match is low, medium, high, or critical risk.

  • Confidential Computing

    MonetaGo has partnered with Google to implement confidential computing through trusted execution environments on Google Cloud. Using this technology, we minimize the ability of any individual employee to access or view customer data by removing all human controlled account privileges to the data while it is being operated on. 

    Secure Data Storage

    It is just as important to protect the data while at rest in a database as it is to protect it during processing. In order to achieve this and minimize the ability of any employee to access the data, it is encrypted with multiple keys of which employees do not have rights to access the full set required to fully decrypt the data. When data is received from customers, the sensitive parts of it are encrypted before being committed to the database, which itself is also encrypted using another key. Whilst the encryption and decryption at various points is fully automated within the system, user admin rights to the keys are split and the automation is only authorized within the strictly controlled and known flow of the application components.

  • The information required to validate a financing is known as a Financing Validation Request, or FVR for short. An FVR consists of a single financing applicant’s business details and the data of the referred documents used to justify the applicant’s request for financing. The process of uploading FVR details to MonetaGo’s systems is known as a registration. This can be done via our UI or via our API - the choice is left to our customer.

  • 200 supporting documents per Financing Validation Request.

  • Users upload their trade document data in CSV format - CSVs are Comma Separated Value files.

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Whether you would like a product demonstration, to come onboard and begin using Secure Financing, or to speak about how we can help your business; we are always happy to help.