MonetaGo collaborates with Tesselate to bolster trade finance fraud detection


MonetaGo has announced its collaboration with Tesselate, a firm dedicated to the digital transformation of financial services.

The core objective of this alliance is to enhance the capability of financial institutions in detecting and averting duplicate financing fraud. MonetaGo’s Secure Financing system will seamlessly integrate with Tesselate’s hive.t, a marketplace known for its interoperability.

MonetaGo’s Secure Financing system is renowned for its innovative blend of document fingerprinting and document data authentication. This pioneering approach enables a plethora of entities, including banks, non-bank financial institutions, fintechs, and trade finance funds, to meticulously verify vital documents like invoices, bills of lading, warehouse receipts, and purchase orders before deciding to finance them.

The system’s ingenuity lies in its ability to hash pivotal document information, subsequently forming a distinct fingerprint. This fingerprint is then matched against MonetaGo’s vast global registry to ascertain if any prior financing used the identical document.

On the other hand, Tesselate’s hive.t stands out for its promotion of interoperability. The marketplace is designed to digitalise trade services and to conveniently integrate into an individual’s pre-existing core internal functionalities. A noteworthy feature is the recent addition of a fraud detection capability within its trade document checking process.

The integration of MonetaGo within the hive.t offering marks a significant leap in incorporating fraud detection and prevention measures. This strategic partnership underscores the mutual aim of optimising trade finance procedures.

The Secure Financing system, in addition to its primary functionality, arms financiers with an extra layer of security. It achieves this by juxtaposing documents with trusted data sources to flag potential falsifications or tampering.

Tesselate Director of Innovation and Managing Partner Casimir Veisblat said, “Integrating MonetaGo within the hive.t offering to include fraud detection and prevention measures is vital to our customers and their businesses. Our partnership with MonetaGo is a considerable step in delivering on our goal of optimising trade finance processes.”

Furthermore, CEO of MonetaGo Neil Shonhard stated, “Working with key partners, MonetaGo is taking significant steps in bringing fraud detection and prevention to financiers worldwide. 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.”

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