Supply chain financier CredAble implements Monetago blockchain solution

Wednesday 6 February 2019 08:59 CET | News

India-based supply chain finance company CredAble has announced employing Monetago’s blockchain solution to prevent double financing of invoices.

CredAble partners with large corporate clients to enable working capital management solutions for the client’s vendors and distributors and in the process, releases cash flow trapped in client supply chains, thus generating operating profit improvements for clients. The company also enables ‘just-in-time’ working capital financing to vendors of large corporates on a pre-invoice basis.

MonetaGo is one of the first companies to use enterprise-grade blockchain software to detect and mitigate inconsistencies in financial transactions and is one of the leading drivers behind the adoption of the cutting-edge technology in countries with booming economies like India.

CredAble, which recently received close to USD 14 million in venture capital funding, will implement MonetaGo’s solution to verify e-Way bill information and taxes using the Goods and Services Tax Network. CredAble can take advantage of MonetaGo’s data and the GST Network to reduce any risk across entire portfolios which ultimately translates to better lending and borrowing rates for businesses across many sectors of the economy, the company stated in a recent release.

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Keywords: Credable, MonetaGo, partnership, supply chain finance, blockchain technology, India, APAC, double financing, e-invoicing, working capital financing, working capital management
Countries: World