MonetaGo about to establish a blockchain for fighting fraud

4 April 2018

MonetaGoMonetaGo, a New York-based startup founded in 2014, plans to create the first blockchain network in India designed for combating fraud in the trade finance industry. The project will be jointly implemented with three Indian factoring platforms, such as RXIL, A.TReDS and M1xhange, as reported in the official statement published this week.

The new blockchain platform will connect a range of entities providing financial services and invoice financing, in particular. Jesse Chenard, CEO of MonetaGo, noted that about 1-2% of invoice financing registers frequent fraud attempts. This is especially the case, when suppliers, who are owed money from a customer, practice double financing of the invoice, taking the same invoice to multiple venues.

Blockchain platform of MonetaGo was created on the basis of Hyperledger Fabric in a move to streamline the connectivity between the parties, reducing the risks of fraud. Their platform has a capability to detect the case of double financing of the invoice. The new solution operates as an auditor preventing suppliers from using the same invoice to get funds from several sources.

Brendan Taylor, CTO at MonetaGo, adds: “There are cases where a small change in invoice is completely legitimate, so we can’t just block everything from that perspective. It is up to them to do more digging on it.”

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