MonetaGo

The 50th edition of ITFA's Annual International Trade & Forfaiting Conference will be held this year in Limassol, Cyprus, 4-6 September. Co-chair of ITFA's Fraud Working Group, and MonetaGo's Global Sales Head, Ian Milne, will be in attendance alongside multi-lateral banks, financiers, insurers, lawyers, and fintech experts to discuss digitalisation and barriers to success for rapid growth of the receivables market. Contact us to meet and hear the latest from MonetaGo on global best practice in connected registries and fraud prevention measures for finance and trade practitioners: https://lnkd.in/gU9DmNZf See the full ITFA conference programme via the link in comments. #globaltrade #forfaiting #trade #finance #fraud #fraudprevention #cyprus

‘Seven out of ten (70%) respondents say fraud is a significant risk to their company’s receivables finance business.’ We’re revisiting Lenvi’s European Fraud Readiness Report - and key findings like these - as a reminder that the digitalisation of trade documents and adoption of standards-based technology helps trade finance lenders to de-risk their business. 'What is most striking is that respondents describing their anti-fraud strategies as predominantly based on manual input are much more likely to describe fraud as a highly significant risk (57% compared to just 19% of those with predominantly tech-based strategies).' Catch up on the report, available to read below. #digitalisation #fraud #fraudprevention #trade #tradefinance MonetaGo

JUST PUBLISHED: Recorded at FCI’s 56th Annual Meeting in Seoul, Trade Finance Global (TFG) spoke with Nassourou AMINOU, Regional Director for Africa at FCI , and Neil Shonhard, CEO at MonetaGo, to learn more about collateral registries and the keys to factoring growth on the African continent. 'The African continent is one of the most intriguing regions for the factoring industry in 2024. According to the FCI Annual Review, while Africa only represented a 1.25% share of the global factoring volume in 2023, it experienced a 13.5% increase from the previous year.' “There is probably nowhere on Earth that has the potential for growth like the continent of Africa. Implementing technology would have a great deal of economic benefit here." - Neil Shonhard The continent is ready for even more growth, and there are reasons to be optimistic regarding the market. However, active participation and innovative solutions are required to create a robust factoring industry. Watch the video interview, free, via the link in comments below. #factoring #tradefinance #registry #africa #fraudprevention

"The scourge of fraud in trade finance is a global challenge that demands solutions. The losses incurred by financial institutions (and thus insurers) due to duplicate financing and fraudulent documents threatens the very fabric of trust within the trade finance ecosystem. The repercussions of unchecked fraud are far-reaching, with consequences that extend well beyond financial losses, impacting the availability of credit and stifling economic growth." - Richard Wulff, Executive Director, ICISA - International Credit Insurance & Surety Association. A new report has been published by ICISA, which outlines checks insurers can undertake on parties claiming insurance in trade finance on falsified document and duplicate financing transactions. "If the insurance industry were to mandate the usage of such (fraud prevention) systems across all its policies, then it would be mandating the usage of industry best practices." Read the free report by ICISA - International Credit Insurance & Surety Association and MonetaGo, available below. #creditinsurance #tradefinance #globaltrade #finance #fraudprevention Ian Milne Neil Shonhard 

🕵🏻 ICISA and MonetaGo release whitepaper on mitigating trade finance fraud 📋 The whitepaper highlights the rise in fraud incidents involving falsified documents and duplicate financing transactions, which have not only financial repercussions but also undermine trust within the global trade finance ecosystem. 🗣️ ICISA - International Credit Insurance & Surety Association’s Executive Director, Richard Wulff said, “The scourge of fraud in trade finance is a global challenge that demands solutions. The losses incurred by financial institutions due to duplicate financing and fraudulent documents threatens  the very fabric of trust within the trade finance ecosystem. 📖 Read the article by following the link in the comments section below ⬇️ #ICISA #MonetaGo #tradefinance #fraud #whitepaper

Invoice registries key to fighting ‘damaging’ trade finance fraud, ITFA says, in the latest news from Global Trade Review (GTR). GTR's John Basquill spoke with MonetaGo CEO Neil Shonhard, and ITFA chair Sean Edwards, about the Fraud Working Group paper published recently, its guidance on how to avoid fraud and identifying early warning signs. “Registries need to be interoperable, and there is a global standard out there already, developed by Swift in partnership with MonetaGo,” says Neil Shonhard. “This needs to be done at the very least at national level, but also regionally and ideally internationally," says Sean Edwards. Read the article via GTR: https://lnkd.in/gVzR2DRm #trade #tradefinance #globaltrade #fraudprevention

JUST PUBLISHED- Recommendations Guideline: Digital Implications of Detecting Fraud in Trade Finance The ICISA - International Credit Insurance & Surety Association has just released their latest paper, outlining new checks insurers can undertake on parties claiming insurance in trade finance on falsified document and duplicate financing transactions. "Given the prevalence of known claims over the past few years where large traders have collapsed owing significant sums of money to Banks and increasingly involving credit insurance, it is obviously a huge concern for the insurance sector. The fact that a vast majority of these claims involve allegations of fraud by the Seller or the Bank’s Client is even more concerning." See the report by ICISA - International Credit Insurance & Surety Association and MonetaGo, free to read below. #creditinsurance #fraud #fraudprevention #globaltrade #tradefinance Richard Wulff Ian Milne Neil Shonhard Oswald Kuyler

On today, 20 June: Global Trade Review (GTR) UK London. MonetaGo COO, Oswald Kuyler, will be in attendance alongside industry leaders and experts from UK Finance, ICC United Kingdom, Conpend, Swift, Allianz Trade and J.P. Morgan. See more about the event via the link in comments, and contact us to arrange to meet to learn more about the Secure Financing fraud system, or the latest news and innovation from MonetaGo. #globaltrade #tradefinance #creditinsurance #fraudprevention

“If you look at the bigger banks, they have the resources to devote to solving the problem, whereas local or regionally focused banks and even the non-bank liquidity providers – they often do not have the same access to resources or the ability to evaluate every tech solution available,” explains Ian Milne, noting that banks in emerging markets in #Africa and #EasternEurope have already expressed interest in the report as a tool to support internal training and education. Co-chaired by Dr Graham Baldock of Standard Chartered, and Ian Milne of MonetaGo, the ITFA Fraud Working Group was tasked with putting together a paper covering fraud as a problem within the cross-border trade finance sector and includes common fraud typologies, red flags and case study references. ITFA members can read the Cross Border Fraud Initiative whitepaper by clicking the link, or contact us if you would like to learn more: https://lnkd.in/egvtMWM #fraudprevention #globaltrade #tradefinance #fintech #digitalisation André Casterman Sean Edwards

This week: Global Trade Review (GTR) returns to London. Join us on Thursday, 20 June for this next edition of GTR's annual UK event, to discuss key themes of Sharing the burden: How can trade stop crime from paying?, 'Gaming the system’ of global geopolitics, The journey to exporting: Financial inclusion and routes to market, and more. Oswald Kuyler, COO, MonetaGo will be at the event to join the conversation and meet with industry leaders from UK Finance, ICC United Kingdom, Conpend, Swift, and J.P. Morgan. See more about the event via the link in comments, and contact us to arrange to meet if you would like to learn more about the Secure Financing fraud system, or the latest news and innovation from MonetaGo. #tradefinance #globaltrade #fraudprevention #finance #digitalisation