Standard Chartered Successfully Pilots SWIFT Trade Finance Validation Service
(8 September 2022 – Singapore) Standard Chartered has successfully completed an industry-first pilot testing of the Trade Financing Validation Service provided by MonetaGo over SWIFT, to mitigate the risks of duplicate trade finance fraud on a global scale.
With a view to effectively detecting, deterring and preventing duplicate financing, the Trade Financing Validation Service powered by fintech MonetaGo’s Secure Financing system is the first natively global solution that is interoperable between markets.
Accessible via SWIFT’s global Application Programming Interface (API), the Trade Financing Validation Service provides checks on financing transactions to detect and thereby prevent duplicate financing frauds within domestic markets and cross-border.
“The adoption of such a solution by key industry players will be key to mitigating fraud and reducing duplicate financing risk in trade finance. By presenting a global solution to a global problem, the combination of MonetaGo’s technology with SWIFT’s network enables cross-border comparison of transaction hashes to detect duplicates. We are excited by the potential of this solution, and hope to see broad adoption by banks and trade finance providers worldwide” said Standard Chartered Global Head of Flow and Financial Institutions Trade, Samuel Mathew.
“Secure Financing overcomes challenges created by information silos, private-private data sharing and data confidentiality within and between financiers, through the use of privacy-preserving technologies including confidential computing”: commented MonetaGo CEO Jesse Chenard.