back Back

MonetaGo enables CredAvenue to prevent fraudulent financing

By Leandra Monteiro

May 25, 2021

  • India
  • Monetago

MonetaGo, CredAvenue, fraudulent financing, eWay Bills, pandemic, India, SMEsCredAvenue, a debt marketplace and part of Vivriti group, has gone live with MonetaGo’s invoice fraud prevention solution. MonetaGo will enable CredAvenue to prevent the risk of double financing of invoices and help with verifying the genuineness of the invoices and eWay Bills submitted for financing.

The pandemic has placed tremendous pressure on alternative finance providers to deliver reliable cash flow to businesses, particularly in the Indian market, where SMEs suffering from liquidity issues on a large scale require faster funding than before. However, working capital solutions are significantly prone to fraud and risk must be effectively managed even within shorter time cycles. MonetaGo’s solution helps financiers mitigate risks in real time. MonetaGo’s partnership with CredAvenue is a significant step towards a new and improved standard of security in financing.

While MonetaGo prevents double financing, it also authenticates invoices with India’s Goods and Services Tax Network (GSTN) database and verifies the eWay Bill submitted with NIC eWay Bill. This enables CredAvenue to better evaluate the risk profile of its customers and speed up the entire process of receivables financing. CredAvenue is a one-stop shop for all the debt requirements for its target clientele.

“As a debt marketplace, we owe our MSME customers a duty of care to provide a digital, secure and fast lending experience. At the same time, we want to ensure that our lenders’ risks associated with double financing and genuineness of invoices are mitigated making it a seamless experience for our customers. The solution developed by MonetaGo fits that mandate and will help us scale up our MSME portfolio while ensuring secure receivables financing”, said Gaurav Kumar, Founder and MD at CredAvenue Private Limited.

Jesse Chenard, CEO, MonetaGo stated, “CredAvenue is taking a very proactive approach to the avoidable risks currently found in most markets. The agility with which they have onboarded clearly reflects their technical prowess and approach towards their customers. We are always there for our partners to help them de-risk working capital solutions. Ultimately we share the same goal: to increase liquidity in the market.”


Previous Article

May 25, 2021

TrueLayer and HeyTrade team up to boost investment experience in Spain

Read More
Next Article

May 25, 2021

MX and Viva First partner to build financial wellness within the Latino community

Read More

IBSi Daily News Analysis

UAE, money transfer

June 14, 2024


Digital remittances surge as key lifeline amid global economic challenges, study shows

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 13, 2024

4 Cybersecurity firms using AI to thwart financial crime in the UK

Read More

June 11, 2024

Public-facing applications and APIs are the most common targets of cyberattacks

Read More

May 31, 2024

Mangopay launches new AI-driven Fraud Prevention solution

Read More

Related Reports

Sales League Table Report 2023
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!
Get your copy now! IBSi Sales League Table 2023