MonetaGo empowers finance and trade industries to solve for systemic risks through privacy preserving digitization and fraud mitigation at scale.

Our class-leading technology is developed with innovation at its core.

Recent events around the world show that fraud can be perpetrated over long periods of time, to be discovered only when disruptions to operations occur causing fraudsters to be unable to repay their financiers. 

Over $10 billion in trade finance losses have been publicly identified since 2020 alone accounting for just a small fraction of the total cost of fraud.  This can be due to fraudulent documents, collateral fraud, and duplicate financing. 

Closed ecosystems and standalone in-country solutions can only mitigate risk within narrowly defined digital islands or domestic boundaries and do not address international, cross-border risk.

By reducing fraud in trade finance, MonetaGo’s business activities align with worldwide political and regulatory mandates that empower institutions to sustain supply chains and extend their books of business into new markets and underserved sectors, all while maintaining the privacy and enabling critical real-time decision-making.

MonetaGo technology explained

Deduplication

The Secure Financing system hashes relevant information from documents to create a unique fingerprint for each document that is used for financing. A comparison of the document fingerprints against those in a registry identifies if the same document has already been used.

Check out this short video below which explains deduplication in more detail.

How the Secure Financing system works

  • Step 1

    The borrower presents the documents required for it’s financing application to the financier.

  • Step 2

    The financier registers a transaction by submitting relevant data from the document’s to the Secure Financing system.

  • Step 3

    The document data is hashed, creating a unique fingerprint for each document.

  • Step 4

    The document’s fingerprint is recorded.

  • Step 5

    MonetaGo's authentication service validates document data against reliable sources to identify fake or tampered documents, to flag potential fraud attempts.

Authentication explained

Alongside duplicate financing, tampering with documents remains one of the more common types of fraud - either to legitimize a fraudulent transaction or to use fabricated information to raise funding. To date, the most infamous case was a US$3bn loss arising from the 2014 Qingdao port scandal.

This fraud involved the use of fake warehouse receipts to obtain multiple loans totalling multi-billions of dollars, creating turmoil in the operations of metals exporters and impacting some of the world’s largest trade finance banks. The incident persuaded banks and warehouses to review how they conducted commodity financing business and assessed risk.

The use of fraudulent documents continues to be seen in high-profile cases from recent years such as that involving commodities firm Agritrade.

Where banks and financiers are indeed performing some level of document authentication using third-party data sources, they still have to perform these checks manually, document-by-document, and often require different verification sources for different document types.

MonetaGo’s Secure Financing solution provides Deduplication and Authentication of supporting documentation used in trade finance.

  • Authentication Feature taps into historical and real-time data from “golden sources” of data to validate the data of key supporting documents starting with Bills of Lading and expanding into other document types such as Warehouse Receipts, and Air Waybills.

  • Authentication check is incorporated as part of a single digitized workflow which also includes the detection of duplicate financing against a global registry utilized by trade banks and non-bank trade financiers worldwide.

  • Lenders register financing applications and their supporting documents to Secure Financing, whereupon a secure registry is checked for duplicates and against external “golden sources” of data for transaction authenticity.

How to get started with MonetaGo

Getting started is easy

Getting started with MonetaGo is easy. Simply reach out and our local representative will contact you to schedule a demonstration.