Standard Chartered completes industry-first pilot of Trade Financing Validation Service provided by MonetaGo over SWIFT

Standard Chartered has efficiently accomplished an industry-first pilot testing of the Trade Financing Validation Service provided by MonetaGo over SWIFT, to mitigate the dangers of duplicate commerce finance fraud on a worldwide scale.

With a view to successfully detecting, deterring and stopping duplicate financing, the Trade Financing Validation Service powered by fintech MonetaGo’s Secure Financing system is the primary natively international resolution that’s interoperable between markets.

Accessible through SWIFT’s international Application Programming Interface (API), the Trade Financing Validation Service gives checks on financing transactions to detect and thereby stop duplicate financing frauds inside home markets and cross-border.

Trade finance suppliers register choose doc info by sending the data through API. MonetaGo’s Secure Financing system cryptographically hashes the information to create doc fingerprints that may be in contrast with already registered doc fingerprints, to detect duplicates. All buyer and transaction knowledge are encrypted in compliance with international banking and knowledge safety requirements, and the doc fingerprints created by the system can’t be reverse engineered to disclose the information that created them.

In addition to stopping duplicate financing between financiers by evaluating transaction knowledge and informing financiers of match outcomes, the answer additionally verifies doc knowledge by automated validation towards trusted sources equivalent to authorities authorities and logistics databases.

“Secure Financing overcomes challenges created by information silos, private-private data sharing and data confidentiality within and between financiers, through the use of privacy-preserving technologies including confidential computing,” mentioned Jesse Chenard, CEO and founder of MonetaGo. “A global solution is necessary because duplicate financing fraud occurs both domestically and across borders. The MonetaGo solution was architected to be natively global and interoperable between markets, different financing platforms and ecosystems, to effectively mitigate the risks of trade finance frauds within and across markets.”

During the pilot, which came about throughout the second quarter of 2022, Standard Chartered examined the deduplication resolution utilizing mock knowledge with invoices, payments of lading, buy orders and warehouse receipts. The platform returned the outcomes of actual matches and suspiciously comparable transactions in close to actual time.

“Through our enhanced SWIFT platform, we are harnessing the power of APIs to enable our community to quickly and easily offer a range of innovative solutions developed by SWIFT and by partners across the financial services ecosystem,” mentioned Harry Newman, Global Head of Wholesale Payments and Trade Strategy, SWIFT. “The Trade Financing Validation Service from MonetaGo is a great example of how a single connection to our platform allows financial institutions to immediately access a wide range of third-party services that can unlock real benefits for their end customers.”

“The adoption of such a solution by key industry players will be key to mitigating fraud and reducing duplicate financing risk in trade finance,” mentioned Samuel Mathew, Global Head of Flow and Financial Institutions Trade at Standard Chartered. “By presenting a global solution to a global problem, the combination of MonetaGo’s technology with SWIFT’s network enables cross-border comparison of transaction hashes to detect duplicates. We are excited by the potential of this solution, and hope to see broad adoption by banks and trade finance providers worldwide.”

Note to editors

About MonetaGo

MonetaGo gives the first-ever international resolution to duplicate financing fraud in commerce finance, and is the world’s foremost supplier of such know-how to stop each home and cross-border duplicate financing.

By decreasing fraud in commerce finance, MonetaGo’s business actions align with worldwide political and regulatory mandates that empower establishments to maintain provide chains and lengthen their books of business into new markets and to underserved sectors, all whereas sustaining privateness and enabling vital real-time determination making.

MonetaGo’s Secure Financing system is confirmed in manufacturing, having been stay since March 2018 with substantial transaction throughput.

MonetaGo and its Secure Financing resolution have received quite a few accolades together with Best Fintech Startup in Trade on the GTR Leaders in Trade Awards 2022, Best Solution in Trade Finance on the AMTD DigFin Innovation Awards throughout the Hong Kong Fintech Week 2021 and Most Effective Bank-Fintech Partnership on the IBS Intelligence Global Fintech Innovation Awards 2021.

Standard Chartered

We are a number one worldwide banking group, with a presence in 59 of the world’s most dynamic markets, and serving shoppers in an additional 83. Our objective is to drive commerce and prosperity by our distinctive variety, and our heritage and values are expressed in our model promise, right here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

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