Welcome to the Secure Financing for Trade Web User Interface Test Portal
MonetaGo Asia Pacific Private Limited was awarded the Proof-of-Concept (POC) grant on 8 December 2020 which provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector. The POC grant is part of the Financial Sector Technology and Innovation (FSTI) scheme under the Financial Sector Development Fund administered by Monetary Authority of Singapore (MAS).
Your participation in this test is crucial to validating the technology that has been developed to combat duplicate finance fraud in trade finance.
Thank you for your time and effort to contribute to this Test. We are looking forward to working with you!
Secure Financing for Trade POC
MonetaGo leverages leading edge technology to prevent duplicate financing. Having proven the base functionality for detection of duplicate financing of invoices in a major market, the Secure Financing platform is being enhanced and expanded to address the fraud prevention needs for both domestic financing and financing across borders for multiple types of trade finance documents.
The goal of the Test is to prove that institutions can detect and prevent attempts at duplicate financing relating to Invoices, Purchase Orders, Warehouse Receipts and Bills of Lading, utilizing MonetaGo’s document fingerprinting technique deployed in the Secure Financing platform.
Test participants will run test data through the Secure Financing platform and will test fraud detection among different documents, learn of the Network functionalities, and suggest additional features.
The Test represents a pre-production phase with network deployments in targeted regions to begin in 2021. MonetaGo is currently working with strategic partners globally to expand connectivity to the entire banking ecosystem around the world.
Follow On Actions
Recent Trade Finance events highlight the urgent need to prevent double financing fraud at all levels – from the largest transactions all the way down to the micro finance level.
By delivering real-time interruption of duplicate trade financing attempts, while also authenticating the genuineness of key trade finance documents, the Secure Financing platform enables financiers to make critical real-time decisions while maintaining privacy across the network.
Testing will be completed by 30 June 2021 and a public whitepaper will be produced by MonetaGo at the conclusion of this program.
After the Proof of Concept and White Paper, the Secure Financing platform will be migrated to production and will be available via a few channels. Users will be able to instantly connect to a global network, avoiding the need for incremental, one-off connections to achieve optimal digital efficiencies and scalability as the network expands.
As the world’s foremost provider of double financing fraud prevention technology, MonetaGo leverages cutting edge technology to address fraud in Trade Finance. The Secure Financing platform detects attempts at duplicate financing in real time by creating a Document Fingerprint and checking it against other Document Fingerprints registered on a common network.
It is the world’s only proven Invoice Fingerprinting service for duplicate financing prevention checks. With 1.5 million production transactions processed in three years of successful operating history, the Secure Financing platform is the world’s leading financing fraud prevention solution for trade finance.