back Back

MonetaGo and Tesselate hive.t team to boost trade finance fraud detection

By Delisha Fernandes

October 03, 2023

  • Digital Transformation
  • Financial Institutions
  • financing fraud
Share

MonetaGo, Tesselate, trade finance, fraud detection, digital transformation, financial institutions, financing fraud, fraud detection, non-bank financial institutions, fintechs, FinTech news, FinTech US

MonetaGo, a financial technology solutions provider, has partnered with financial services digital transformation firm Tesselate.

MonetaGo’s Secure Financing system will integrate with Tesselate’s hive.t, the marketplace that promotes interoperability, providing financial institutions with the ability to detect and prevent duplicate financing fraud.

“Integrating MonetaGo within the hive.t offering to include fraud detection and prevention
measures is vital to our customers and their businesses”, said Casimir Veisblat, Director of
Innovation and Managing Partner at Tesselate. “Our partnership with MonetaGo is a considerable step in delivering on our goal of optimising trade finance processes”.

MonetaGo’s Secure Financing system combines document fingerprinting and document data
authentication to enable banks, non-bank financial institutions, fintechs and trade finance funds to
verify documents such as invoices, bills of lading, warehouse receipts and purchase orders, before
deciding to finance them.

The solution hashes relevant information from documents to create a unique fingerprint, which is compared against MonetaGo’s global registry to identify if the same document has been used in prior financing. The Secure Financing system also provides financiers with an additional layer of security against potential fraud attempts by comparing documents against trusted data sources to identify falsification or tampering.

“Working with key partners, MonetaGo is taking significant steps in bringing fraud detection and
prevention to financiers worldwide,” said Neil Shonhard, CEO of MonetaGo. “With Tesselate,
MonetaGo has created a streamlined mechanism for lenders to not only automate document and
compliance checks, but also strengthen their ecosystem through the prevention of fraud.

Tesselate’s hive.t, the marketplace that promotes interoperability, offers the digitisation of trade
services and integrates into a user’s existing core internal functions, adding this fraud detection
capability to its trade document checking sequence.

Previous Article

October 03, 2023

Allied Engineering Group’s (AEG) and iPiD to enhance digital payment security

Read More
Next Article

October 03, 2023

Pahal bags $12m loan from DFC to support Women-led SMEs

Read More






IBSi Daily News Analysis

June 21, 2024

Digital Transformation

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 21, 2024

Discai and Harmoney join forces to fight financial crime

Read More

June 21, 2024

FinTech Focus: Catch latest developments of the week

Read More

June 21, 2024

Loop & J.P. Morgan Payments to boost working capital with freight payments

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023