Financial technology solutions providers MonetaGo has announced a new partnership 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”, states 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 a 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.
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.
“Working with key partners, MonetaGo is taking significant steps in bringing fraud detection and prevention to financiers worldwide,” says 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.