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MonetaGo, the fraud prevention technology provider, has struck a deal with Oracle Financial Services to integrate its risk mitigation platform into Oracle’s trade and supply chain finance solutions.
The partnership will see MonetaGo’s Secure Financing system, which helps lenders detect duplicate financing and falsified documents, embedded within Oracle’s existing suite of products.
“Fraud exists in every jurisdiction we operate in. Collaborating with Oracle is a tremendous step in strengthening the security of trade and supply chain finance,” said Neil Shonhard, chief executive of MonetaGo. He added that the partnership would “offer the gold standard for combating fraud” in the sector.
The integration will initially focus on the Middle East, Africa and Asia-Pacific regions, with plans to expand into Europe and the Americas. The system employs document fingerprinting and data authentication techniques to verify trade-related documents before financing decisions are made.
The system, which adheres to UN/CEFACT reference data models and ISO 20022 standards, creates unique fingerprints of documents and checks them against a universal registry to identify potential duplicate financing attempts. It operates in partnership with Swift and is accessible through various channels including API integration.
Oracle’s existing supply chain finance solutions provide banks with tools to manage trade finance operations, including both conventional and Islamic trade finance products. The addition of MonetaGo’s technology is expected to enhance the platform’s fraud prevention capabilities at a time when digital trade finance solutions are becoming increasingly crucial to global commerce.
Sovan Shatpathy, senior vice president at Oracle Financial Services, highlighted the importance of evolving their solutions through partnerships with fintech firms. “MonetaGo’s fraud prevention technology augments our robust risk management capabilities”, he said, noting that it would help financial institutions “run trade and supply chain operations at scale”.
