MonetaGo Teams with Oracle to Deliver Increased Fraud Prevention
MonetaGo Teams with Oracle to Deliver Increased Fraud Prevention
To bring trade and finance lenders solutions to help combat fraud, increase security and decrease risk exposure
NEW YORK – FEBRUARY 17, 2025 - MonetaGo, a leading global provider of fraud prevention technology, today announced it will collaborate with Oracle Financial Services to make available MonetaGo’s state-of-the-art risk mitigation technology in Oracle’s trade and supply chain finance solutions.
MonetaGo Secure Financing system is a global utility providing checks for trade and finance lenders to combat multiple fraud typologies, including duplicate financing and the use of falsified or altered documents linked to financing requests in trade and supply chain finance. The availability of the service in Oracle’s Supply Chain Finance solutions can increase security for transactions and decrease risk exposure for users.
“We continuously evolve our trade and supply chain solutions by leveraging our rich catalogue of open APIs and niche features from fintech partners,” said Sovan Shatpathy, senior vice president, Product Management and Development, Oracle Financial Services. “MonetaGo’s fraud prevention technology augments our robust risk management capabilities, further enabling financial institutions to run trade and supply chain operations at scale, while minimizing the risk in high volume operations. The integration with MonetaGo underscores our commitment to deliver innovative solutions that drive efficiency and agility in trade and supply chain operations.”
“Fraud exists in every jurisdiction we operate in. Collaborating with Oracle is a tremendous step in strengthening the security of trade and supply chain finance,” said Neil Shonhard, CEO, MonetaGo. “Oracle’s supply chain finance solutions are world-class, and we are committed to complement their technology to offer the gold standard for combating fraud in trade and supply chain finance.”
MonetaGo’s Secure Financing technology will be made available in Oracle Banking Supply Chain Finance globally with an immediate focus in the Middle East, Africa, and Asia-Pacific regions. Expansion to Europe and the Americas is expected to follow.
MonetaGo’s system combines document fingerprinting and data authentication to enable banks, non-bank financial institutions, fintechs and trade finance funds to verify trade related documents before deciding to finance them. The solution hashes relevant information from documents to create a unique fingerprint, which is compared against MonetaGo’s universal registry to identify if the same document has been used in a prior financing.
MonetaGo’s solution is standards-based, adopts UN/CEFACT reference data models, and ISO 20022 data structures. It is built in partnership with Swift providing a foundation for mutual usability, making it the first of its kind in fraud detection technology globally. The solution is available via Swift, various partners and API.
Oracle’s comprehensive supply chain finance and trade solutions deliver a unified approach for managing the trade and supply chain finance operations of financial institutions. Banks can improve their overall operational efficiency, improve visibility, streamline and automate trade, supply chain finance, and factoring operations. The solution suite offers end-to-end capabilities for a diverse range of traditional trade finance, Islamic trade finance, supply chain finance, and factoring products, and automates the life-cycle processing of these products.
For further information, please visit: https://www.oracle.com/financial-services/
