India Factoring goes live on MonetaGo’s blockchain-based solution to prevent invoice fraud
Mumbai-based India Factoring and Finance Solutions, a non-bank finance factoring companies in India, has gone live with MonetaGo’s blockchain-based invoice fraud prevention solution. Headquartered in New York, MonetaGo’s solution allows India Factoring and Finance Solutions to stop the duplication of invoices financing. It assists with the authenticity of invoices and eWay Bills submitted for financing.
Ravi Valecha, CEO, India Factoring and Finance Solutions said in a statement, “As a non-banking factoring company in India, we need to stay ahead of the competition and provide a seamless, yet secure lending experience to our MSME customers. In this regard, India Factoring is at the forefront of leveraging innovative and new-age technology to accelerate its business growth. The blockchain solution provided by MonetaGo fits such requirements and will help us scale up our MSME portfolio while ensuring the security necessities in trade finance transactions.”
The solution assists firms to digitize the trade receivables workflow and combines seamlessly with the company’s enduring systems. Aside from identifying duplicate invoices being submitted for financing, the platform verifies invoices with India’s GSTN (Goods and Services Tax Network) database and verifies the eWay bills with the NIC eWay Bill portal.
Jesse Chenard, CEO, MonetaGo clarified in a statement, “India Factoring is an important customer for MonetaGo. Going live with our solution reflects the trust that is essential in the invoice authentication process to prevent not only double financing risk but also determine the genuineness of invoices being financed. The COVID-19 crisis has enabled lenders to provide a seamless experience for their customers through this automated invoice financing program.”
MonetaGo’s solution has been executed by all three RBI regulated TReDS exchanges of India since March 2018. The company is extending its fraud detection eco-system in India for onboarding banks, NBFCs, and FinTech players in the Indian market. MonetaGo is now developing in other geographies in the Asia-Pacific, Latin American, European, and the Middle East.
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