KUALA LUMPUR, Oct 27 (Bernama) -- MonetaGo and SWIFT have achieved an important milestone in the global fight against fraud and duplicate financing with the live launch of the Trade Financing Validation Service provided by MonetaGo over the global SWIFT network.
In a statement, MonetaGo said the service was the first third-party service in trade available through the SWIFT API channel.
“For the first time in the history of trade finance, there is now a global standardised system to check duplicate financing.
“The additional authentication services availed through the same system will provide greater assurance to lenders on the integrity of their financing transactions,” said MonetaGo chief executive officer Neil Shonhard.
SWIFT wholesale payments and trade strategy head Shirish Wadivkar said the validation service is a great example of how MonetaGo’s API platform could be harnessed to provide a single solution to help banks tackle fraud and financial crime at the international level.
The Trade Financing Validation Service’s live launch came after the successful completion of the pilot phase which saw the participation of 20 institutions on four continents, MonetaGo said.
“The service can now be accessed by all the 11,000 plus institutions in the SWIFT network.
“The participating institutions included some of the world’s largest trade finance banks, representing lenders in the US, the UK, Europe, Asia and Australia,” it added.
MonetaGo said the trade finance industry has a natively global solution that is interoperable by markets, institutions and platforms, enabling financiers to catch and stop cross-border fraud with the launch of the validation service over SWIFT.
MonetaGo provides the first-ever global solution to duplicate financing fraud in trade finance and is the world’s foremost provider of such technology to prevent both domestic and cross-border duplicate financing.
-- BERNAMA
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