Below are answers to a range of frequently asked questions including business, solution, and technical questions. If you still have questions, please email support@securefinancing.com.
MonetaGo Asia Pacific Private Limited was awarded the Proof-of-Concept (POC) grant on 8 December 2020 which provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector. The POC grant is part of the Financial Sector Technology and Innovation (FSTI) scheme under the Financial Sector Development Fund administered by Monetary Authority of Singapore (MAS). The POC concludes July 2021, whereupon the results will be published in a whitepaper. If your organisation is interested in testing the solution, please visit the Contact page- one of our team members will be happy to set up a session.
The Secure Financing service was created to deliver value to clients from day one. The trade finance market in most regions is highly concentrated, where a handful of large players finance the majority of high value items. This concentration means that even a small number of participants on the network can create a massive registry against which to detect and mitigate duplicate financing.
The ultimate goal is to capture as much of the trade finance market as possible, and that goal is well underway with the strength of our live solution in India, success of our global Proof of Concept, and partnership with SWIFT. Upon successful API integration, all of SWIFT’s 11,000 member banks will have access to the Secure Financing Service. The solution’s value grows exponentially with each additional network member.
The scale of a standardised global solution results in better economics, keeping the cost of usage for banks as low as possible, to encourage mass adoption and create a more secure and safer ecosystem for trade finance.
Having established a successful track record of 3 years in India, MonetaGo entered into a contract with SWIFT India to provide platform access to SWIFT Member Banks within India. Following that success, MonetaGo is now preparing to take the Secure Financing platform global with an enhanced version and expanded scope. SWIFT’s partnership with MonetaGo to deploy a Trade Financing Validation Service via SWIFT’s Global API Gateway would support this, vastly expanding connectivity to cover the entire banking ecosystem around the world.
The information fields vary across the four document types that we currently support: Invoices, Purchase Orders, Bills of Lading, and Warehouse Receipts. * Invoices (INV): INV Number, Buyer Name, Supplier Name, INV Amount, INV Currency, Issuance Date * Purchase Order (PO): PO Number, Buyer Name, Buyer Country, Supplier Name, Supplier Country, PO Amount, PO Currency, Issuance Date * Bills of Lading (BL): BL Number, Carrier Name, Vessel Name, Consignee Name, Shipper Name, Issuance Date * Warehouse Receipt (WR): WR Number, Country of Warehouse, Issuance Date * Air Waybill (AWB): AWB Number, Shipper Name, Consignee Name, Carrier Name, Issuance Date * Letter of Indemnity (LOI): Issuer Name, Buyer Name, Addressee Name, BL Number, BL Date, Issuance Date * Delivery Order (DO): DO Number, Supplier Name, Buyer Name, Issuance Date * Bunker Delivery Note (BDN): BDN Number, Supplier Name, Issuance Date
The solution was built to enable ease of adding support for new document types and information fields moving forward.
Connectivity options are available via UI and direct API. Additionally, MonetaGo is strategically partnered with SWIFT to deploy a Trade Financing Validation Service via SWIFT’s Global API Gateway, expanding connectivity to cover the entire banking ecosystem around the world.
The solution provides real time visibility and results upon uploading for exact matches. The near or fuzzy match analysis cycle runs once per minute. In the case of simultaneous registration or financing, the network’s ordering service will resolve which event occurred first to determine which lender should process the financing. It will not be possible for more than a single instance of an invoice to be marked as financed.
Both parties involved in an exact or fuzzy matched document, both registered and financed, will be notified of the match’s existence and its financing status. To preserve anonymity and data privacy, users will be able to see which fields matched another document but not to whom the matching document belongs. With API customization moving forward, we will be able to provide a consent option allowing financiers to share their identity in the case of a match if they desire.