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MonetaGo and Tesselate augment trade finance fraud detection

Tuesday 3 October 2023 13:52 CET | News

Fintech MonetaGo has planned to integrate with Tesselate’s hive.t to provide financial institutions the ability to detect and prevent duplicate financing fraud.

 

MonetaGo’s Secure Financing system combines document fingerprinting and document data authentication to enable banks, non-bank financial institutions, fintechs, and trade finance funds to verify documents such as invoices, bills of lading, warehouse receipts and purchase orders, before deciding to finance them.

The solution hashes relevant information from documents to create a unique fingerprint, which is compared against MonetaGo’s global registry to identify if the same document has been used in a prior financing.

MonetaGo has planned to integrate with Tesselate’s hive.t to provide financial institutions the ability to detect and prevent duplicate financing fraud.

A collaborative approach to fraud detection

Tesselate’s hive.t, the marketplace that promotes interoperability, offers the digitisation of trade services and integrates into a user’s existing core internal functions, adding this fraud detection capability to its trade document checking sequence.

The Secure Financing system also provides financiers with an additional layer of security against potential fraud attempts by comparing documents against trusted data sources to identify falsification or tampering.

Officias from Tesselate said that integrating MonetaGo within the hive.t offering to include fraud detection and prevention measures is vital to customers and their businesses. Their partnership with MonetaGo is a considerable step in delivering on their goal of optimising trade finance processes.

Also commenting on this partnership, representatives from MonetaGo said that working with key partners, MonetaGo is taking significant steps in bringing fraud detection and prevention to financiers worldwide. With Tesselate, MonetaGo has created a streamlined mechanism for lenders to not only automate document and compliance checks, but also strengthen their ecosystem through the prevention of fraud.

More information about Tesselate

Tesselate has over a decade of experience in consulting and managing technological projects dedicated to the financial sector, with an in-depth expertise in Corporate Banking – trade finance, supply chain finance, sme lending, syndicated lending, and cash management. Tesselate Group offers deep experience in managing complex projects, helping Financial Institutions to meet organisational and operational changes to support business growth. hive.t is the interoperability brand of Tesselate Group.

What does MonetaGo do?

MonetaGo is a provider of fraud detection and prevention solutions. Its Secure Financing systems enable banks, traditional financiers, non-bank financial institutions, fintechs, and trade finance funds to check for duplication and authentication of financing requests linked to invoices, bills of lading, air waybills, warehouse receipts, purchase orders, and other trade-related documents.

Since entering full production in 2018, Secure Financing has processed millions of transactions and has been integrated into Swift's API-enabled infrastructure as the first third-party service on Swift, providing its member institutions with an important tool to combat duplicate financing fraud in trade and supply chain finance.


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Keywords: fraud detection, fintech, e-invoicing, trade finance, data analytics
Categories: Fraud & Financial Crime
Companies: MonetaGo, Tesselate
Countries: World
This article is part of category

Fraud & Financial Crime

MonetaGo

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Tesselate

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