Regan Mithani, Co-founder, Xpedize

Cash discounting platform Xpedize plans to use New York-based FinTech firm MonetaGo’s Anti-Fraud Network to prevent invoice-related frauds. The Delhi-based supply chain financing firm will use MonetaGo’s digital one-way invoice fingerprinting technology that enables higher transparency in all transactions between the suppliers and buyers.

Traditionally, inaccessible data and lack of information sharing have enabled bad actors to take advantage of the financial ecosystem earlier, but MonetaGo has been able to eliminate information gaps by working with financial institutions to ensure that they can prevent this lost value and improve their overall balance sheets using blockchain technology.

“There are several options available nowadays. We’ve evaluated a few solutions and found MonetaGo’s offerings to be more effective, technologically superior, and better priced than all the others. The synergy we obtain through this partnership integrates perfectly into Xpedize’s existing technology and future vision benefitting all of our clients,” said Regan Mithani, Co-Founder of Xpedize.

India-based Xpedize is also a FinTech firm that improves upon the traditional forms of invoice discounting models, provides a Software with a Service (SaaS) that brings buyers, suppliers and financiers on a common platform, where suppliers offer dynamic cash discounts to receive early payment on their accepted invoices. It enables suppliers to unlock their trapped liquidity while also helping the buyers have a direct impact on their operating margin with the flexibility of using internal cash or plugging in external financiers.

He further added that while buyers on the Xpedize platform generate higher yields with no additional risk via discounts from a wider supplier base and achieve overall better operating margins, suppliers are able to improve their availability of working capital, accelerate cash flow, obtain additional sources of financing, and, importantly, eliminate cumbersome and time-consuming paperwork.

Mithani believes that by being on MonetaGo’s network, financers will now be assured that the financing being sought on Xpedize is for fingerprinted invoices and it would accelerate their credit decision making by reducing potential losses towards fraudulent transactions.

Jesse Chenard, CEO of MonetaGo said, “Xpedize immediately understood our offering and has the technological ability to quickly take advantage of Fingerprint data available in our Fraud Mitigation Network through API connectivity. We successfully implemented India’s first live blockchain network with the TReDS exchanges in 2018, and this partnership with Xpedize is a step further towards bringing more transparency and efficiency in the financial ecosystem of India.”

. The addition of MonetaGo’s Network further secures this financing process and reduces the risk to all parties involved which, translates into better financing rates for everyone.

As more innovative companies come together to solve everyday problems, the FinTech ecosystem in India is paving novel ways to mitigate fraud. The same trend is expected to reflect with larger institutions in the coming time too.

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by Priyanka Pani
Senior Regional Correspondent, Middle East and Asia
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