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