MonetaGo delivers milestones in strategy for trade finance de-duplication in India

Four years after commencing a mission to prevent duplicate financing of invoices in India, MonetaGo underlines major progress in delivering on its commitments, including transforming the speed and transparency of invoice financing and unlocking the value of disparate information spread across multiple organisations and data silos.

The service was launched in partnership with three trade receivables finance exchanges licensed under the Reserve Bank of India-supported Trade Receivables Discounting System (TReDS), that allows SMEs to auction their trade receivables from corporate customers on each of the receivables finance exchanges’ digital platform, MonetaGo implemented its Secure Financing system in India in March 2018.



“Each exchange needed to be able to identify whether an invoice had been financed by their competitors, but for commercial reasons needed a solution that kept customer information private,” said Jesse Chenard, founder and CEO of MonetaGo. “MonetaGo’s solution enabled the exchanges to share select document information, which is cryptographically hashed to create document fingerprints that are then pushed to MonetaGo’s secure, unified data repository to detect matches in near real time.”

With MonetaGo bringing much-needed trust into the system, the number of transactions financed via TReDS has experienced tremendous growth, from INR 111.65 billion in the financial year ending March 2020 to INR 343.62 billion in the financial year ending March 2022. MonetaGo has now processed over 2.5 million transactions, with a total value of INR 692.7793 billion.

Read more: https://ngulminthanglhanghal.mystrikingly.com/blog/monetago-delivers-milestones-in-strategy-for-trade-finance-de-duplication

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