The Association of Banks in Singapore selects MonetaGo to deliver the Trade Finance Registry

Monday 20 June 2022 12:14 CET | News

The Association of Banks in Singapore (ABS) has selected MonetaGo to deliver the Trade Finance Registry (TFR), an interoperable industry utility that bridges information silos between banks to combat duplicate financing fraud.

The TFR serves as a secure database for records of trade transactions financed across foreign and local banking institutions in Singapore. It shall also connect to trusted sources of information for validation checks on trade data. The TFR mitigates the risk of duplicate financing by different bank lenders for the same trade transaction, and the falsification of information supplied by borrowers. The effect shall be greater confidence among banks in the integrity of their clients and trade financing transactions.

The information silos between different banks expose the banking industry to potential fraudulent activities such as duplicate financing or round-tripping, where the same transaction is taken to multiple banks for financing.

MonetaGo partnered with Singapore-based financial technology provider GUUD to propose an interoperable solution that connects to the global hash registry of MonetaGo’s Secure Financing solution. The role of GUUD is to build the User Interface of the TFR to MonetaGo’s system. Banks shall perform queries on the TFR using select document information, which shall be cryptographically hashed to create document fingerprints that are then pushed to MonetaGo’s data repository to detect matches in near real time. Partial matches that represent suspiciously similar transactions shall be analysed by a comparison service to return a risk classification of the transaction. The entirety of the solution is delivered within a confidential computing environment, which means data is secure and protected from all parties including the solution provider.

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Keywords: banks, fraud prevention, transactions , fraud management, risk management
Categories: Fraud & Financial Crime
Companies: Association of Banks in Singapore (ABS), MonetaGo
Countries: Singapore
This article is part of category

Fraud & Financial Crime

Association of Banks in Singapore (ABS)



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