Standard Chartered has completed the first pilot test of the Trade Financing Validation Service, provided by fintech MonetaGo via SWIFT.
Accessible through SWIFT’s Application Programming Interface (API), the service is the first global solution to be available globally across markets.
The service is designed to eliminate duplicate finance fraud on a global scale. Trade finance providers register select document information through SWIFT’s API. MonetaGo’s Secure Financing system then turns this data into a document fingerprint, which can be compared to existing registered data.
The Trade Financing Validation Service also verifies document data using trusted sources, including government authorities and logistics databases.
Samuel Mathew, global head of flow and financial institutions trade at Standard Chartered, says: “The adoption of such a solution by key industry players will be key to mitigating fraud and reducing duplicate financing risk in trade finance. We hope to see broad adoption by banks and trade finance providers worldwide.”
Jesse Chenard, founder and CEO of MonetaGo, comments: “A global solution is necessary because duplicate financing fraud occurs both domestically and across borders. The MonetaGo solution was architected to be natively global and interoperable between markets, different financing platforms, and ecosystems, to effectively mitigate the risks of trade finance frauds within and across markets.”
