As per the latest news, MonetaGo reported a significant advancement in following through with its commitments of preventing duplicate financing of invoices in India, four years after its commencements, by introducing ways of reshaping the speed and transparency of invoice financing and realizing the importance of different data spread across various organizations and data silos.
The aforesaid service was introduced in an association with three trade receivables finance exchanges authorized under the Reserve Bank of India-supported Trade Receivables Discounting System (TReDS), through which the SMEs can sell their trade receivables from corporate clients on each of the receivables finance exchanges’ digital platform, MonetaGo executed its Secure Financing system in India in March 2018. Surecomp’s cryptographic fingerprints to combat duplicate trade financing fraud is also an initiative in this regard.
“Each exchange is required to be capable of determining whether an invoice had been funded by their competitors, but for commercial concerns, a solution was required that kept client data are hidden.” Said Jesse Chenard, founder, and CEO of MonetaGo. “MonetaGo’s solution made it possible for the exchanges to share select document data, which is cryptographically hashed to make document fingerprints that are then sent to MonetaGo’s safe, and unified information repository to identity matches in near real-time.”
