Invoice financing is particularly vulnerable to fraud as it traditionally relies on funds that a supplier expects to receive in the future, and because there is no mechanism to prevent someone from taking an invoice and financing it multiple times with different financiers.
MonetaGo’s Secure Financing platform mitigates the risk of double invoice financing. Select invoice data is ‘hashed’ upon receipt and then used to create a unique ‘Invoice Fingerprint’ for each invoice, which is then registered to MonetaGo’s private permissioned distributed ledger. Network participant privacy is maintained as duplicate financing activity is prevented in line, prior to financing.
The platform also provides risk managers with additional valuable data points by authenticating invoices against available tax information and verifying the underlying goods being financed through the Way Bill (transportation) information associated with each invoice.
The size of the global invoice factoring and financing market in 2018
Challenges include double financing, invoice verification and tracking of goods
Our blockchain-led solution prevents fraud in real-time
Select information from invoices are hashed and uploaded onto our platform
Capital efficiency is increased and made more accessible