back Back

MonetaGo enables CredAvenue to prevent fraudulent financing

By Leandra Monteiro

May 25, 2021

  • India
  • Monetago
Share

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 Prime News

The Weekly Wrap

January 21, 2022

India

The Weekly Wrap: all you need to know by Friday COB | Jan 21st

Read More
  • Daily insightful news analysis
  • Weekly snapshots of industry deals, events & insights
  • Sectoral deep dives on the hottest FinTech trends
  • Exclusive interviews featuring c-level executives who are shaping the industry
  • Profiles of the most influential established and emerging companies in the sector
  • Weekly global FinTech use cases
  • Chart of the Week curated by IBSi’s Research Team
Subscribe to Prime

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

January 21, 2022

authID.ai launches Verified™ Platform Version 2.4

Read More

January 20, 2022

FS-ISAC launches program to bolster the financial sector’s supply chain security

Read More

January 20, 2022

Ekata expands account opening solution to help online businesses assess risk

Read More

Related Reports

Sales League Table Report 2021

£1,500 / year

Know More
Applications of Artificial Intelligence In Banking 2021

£500

Know More
Global Digital Banking Vendor and Landscape Report Q4 2021

£1,500 / year

Know More
Wealth Management & Private Banking Systems Report Q4 2021

£1,500 / year

Know More
Treasury and Capital Markets Systems Report 2021

£1,500 / year

Know More