Standard Chartered, MonetaGo launch service to avoid duplicate financing fraud

It is accessible via SWIFT’s global API.

Standard Chartered has completed pilot testing of the Trade Financing Validation Services, provided by MonetaGo over SWIFT.

This service will help detect, deter, and prevent duplicate financing, according to the bank. It provides checks on financing transactions to prevent duplicate financing frauds within domestic and cross-border markets.

It is accessible via SWIFT’s global API. 

In addition to preventing duplicate financing between financiers by comparing transaction data and informing financiers of match results, the solution also verifies document data through automated validation against trusted sources such as government authorities and logistics databases, Standard Chartered and MonetaGo said in a joint press announcement.