PARIS, NEW YORK, 3 OCTOBER 2023 -- Financial technology solutions provider 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 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.
About Tesselate
Tesselate has over a decade of experience in consulting and managing technological projects dedicated to the financial sector, with an in-depth expertise in Corporate Banking – Trade Finance, Supply Chain Finance, SME Lending, Syndicated Lending and Cash Management. Tesselate Group offers deep experience in managing complex projects, 2 helping Financial Institutions to meet organizational and operational changes to support business growth. With a deep understanding of banking processes, we implement cutting-edge technology to streamline banking operations bringing value to your company, value that will be passed to your customers. hive.t is the interoperability brand of Tesselate Group.
About MonetaGo
MonetaGo is a provider of best-in-class fraud detection and prevention solutions. Its Secure Financing systems enables banks, traditional financiers, non-bank financial institutions, fintechs, and trade finance funds to check for duplication and authentication of financing requests linked to invoices, bills of lading, air waybills, warehouse receipts, purchase orders, and other trade-related documents. Since entering full production in 2018, Secure Financing has processed millions of transactions and has been integrated into Swift's API-enabled infrastructure as the first third-party service on Swift, providing its member institutions with an important tool to combat duplicate financing fraud in trade and supply chain finance. MonetaGo and its Secure Financing solution have won numerous accolades including Best Tradetech- Compliance and Risk at the TFG Trade, Treasury and Payments Awards 2023, Best Fintech in Trade at the GTR Leaders in Trade Awards 2023, Best Fintech Startup in Trade at the GTR Leaders in Trade Awards 2022, Best Solution in Trade Finance at the AMTD DigFin Innovation Awards during the Hong Kong Fintech Week 2021 and Most Effective Bank-Fintech Partnership at the IBS Intelligence Global Fintech Innovation Awards 2021.
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