MonetaGo chosen by RAMSUN for the prevention of double financing risk

By Edil Corneille

RAMSUN Network, India’s e-marketplace for supply chain finance and other supply chain related solutions, has joined FinTech MonetaGo’s Secure Financing network. The RAMSUN Network facilitates easy and fast financing for small businesses, through its artificial intelligence-enabled technology solution. This allows multiple financiers to be part of the supply chain/ channel finance ecosystem.

India’s small business community faces ongoing challenges in securing funding, which has been exacerbated by the coronavirus (COVID-19). By choosing MonetaGo’s Secure Financing solution, RAMSUN Network will be able to reach even more small businesses in India – and beyond – that need critical cash flow, fast.

Ramesh Bisht, Co-Founder at RAMSUN Enterprise Payments Network expounded, “At RAMSUN Network, we are committed to creating an intelligent & secured ecosystem for all participants including Financial Institutions. For this, while we have in-built system features, we are also tying up with many FinTech’s who can create value-add to the ecosystem with their experience and unique solutions. We are familiar with MonetaGo’s Secure Financing solution and its growth in developing the blockchain ecosystem in India. MonetaGo’s solution is very unique and will help RAMSUN’s e-marketplace to validate if the invoices have been financed by some other financier on a real-time basis before financing or disbursal by lenders on its platform and thus providing them the necessary comfort level by mitigating duplicate financing risk.”

Sunil Kumar, Co-Founder at RAMSUN Network elucidated, “MonetaGo’s well architected design and its technology roadmap of improving the platform further to cater to the growing volumes efficiently gives us the confidence we have chosen the right partner. We are confident that MonetaGo’s blockchain-based unique solution & their expertise in this space will help us to offer clean assets to the lenders on the platform and also provide additional comfort to the financiers transacting on RAMSUN Network.”

MonetaGo empowers companies to spot, and stop invoice fraud in real-time. It uses blockchain technology to create certainty during the invoice financing process, mitigating risks such as double invoice financing. MonetaGo’s Secure Financing solution has been used by all Trade Receivable e-Discounting System (TReDS) exchanges in India since March 2018. TReDS was formulated by India’s Central Bank as an online mechanism for facilitating the financing of trade receivables of small to medium-sized businesses by multiple financiers.

Jesse Chenard, CEO, MonetaGo enunciated, “India’s SME community has been hit particularly hard by the cash flow challenges the coronavirus has brought. It is during times such as these that the need for solutions such as the RAMSUN Network becomes stronger than ever. RAMSUN Network has leveraged the lockdown period to build and scale up its marketplace to help deliver vital cash flow to small businesses.”