Financial technology solutions provider MonetaGo has selected Lloyd’s List Intelligence as a data partner to strengthen its real-time interruption of fraudulent trade financing attempts through the authentication of key trade documents.
MonetaGo is the world’s leading provider of best-in-class fraud detection and prevention solutions for trade finance. Its Secure Financing system is the first third-party service available through Swift API, accessible to 11,000+ institutions worldwide on the Swift network.
Secure Financing enables 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 in MonetaGo’s global registry to identify if the same document has been used in a prior financing.
The system also provides financiers with an additional layer of security against potential fraud attempts by verifying documents against trusted data sources to identify falsification or tampering.
Under the new partnership, MonetaGo will incorporate Lloyd’s List Intelligence’s trade and maritime data in the Secure Financing system, to provide Bill of Lading verification, container location and loading, vessel tracking and container movements for the entire voyage, including actual ports of load and discharge, vessels involved and transhipment points on route to destination.
“Lloyd’s List Intelligence is the industry leader in providing actionable insight into the global maritime industry, including the most complete near-time maritime data covering almost 90% coverage of global bill of lading issuances,” says Chas McNee, Strategic Partnership Manager at Lloyd’s List Intelligence. “Integrating our analytics into MonetaGo’s Secure Financing system furthers our mission to drive commercial advantage, evaluate risk, and support the efficient and lawful movement of seaborne trade.”
Financiers can now leverage Lloyd’s List Intelligence vessel information to authenticate and verify the underlying information when reviewing trade documents within the Secure Financing system, thereby mitigating the risk of forged documents being presented for financing.
“Working hand in hand with partners worldwide, we have made tremendous progress in the fight against trade finance fraud,” says Neil Shonhard, CEO of MonetaGo. “In collaboration with Lloyd’s List Intelligence, we are now further strengthening financiers’ visibility into the validity of transaction data submitted by borrowers, delivering on our goal of ensuring bad actors have nowhere to hide.”