FinTech Firm MonetaGo To Port Fraud Mitigation Network To R3’s Enterprise Blockchain

Announcements, Blockchain, News | February 27, 2019 By:

FinTech firm MonetaGo has announced that it will port its Fraud Mitigation Network from Hyperledger Fabric to Corda Enterprise, R3’s commercial blockchain platform.

MonetaGo provides enterprise solutions for financial operations. The firm’s product suite capitalizes on cutting-edge financial technology to enable critical real-time decision making. Its Fraud Mitigation Network, which was first launched in India in 2018, enables participants to share information securely in order to reduce fraud around receivables financing. It can automatically identify a duplicate invoice, even if the bill has been slightly altered to appear different.

The Corda Enterprise migration, which expected to be completed in the coming months, aligns with the continued expansion of MonetaGo’s ecosystem. It will power the next deployment of the network in Latin America with an initial launch consortia comprising six of the world’s major global banks.

“As we have seen the DLT market unfold it has become clear R3 is emerging as the leader in the financial services space,” said Jesse Chenard, CEO, MonetaGo. “In order to make sure we take advantage of this momentum, it makes sense to provide our applications built on Corda Enterprise.”

Chenard added that the migration will allow them to provide native interoperability to their existing and prospective banking partners as well as an easy integration with the leading trade finance platforms being launched such as Voltron and Marco Polo.

“After our initial launch in Latin America and our port of the Indian Fraud Mitigation Network we look forward to deploying this globally to combat the problem of double financing in the receivables space,” Chenard said.

David E. Rutter, Founder and CEO of R3, said that MonetaGo has a proven track record with its Fraud Mitigation Network already in production in India.

“In an ever more complex financial ecosystem, new fraud risks are constantly surfacing,” Rutter said. “Improving visibility over business and reconciling data records are vital tools in institutions efforts to tackle these issues. We’re excited to see the network running in production on Corda Enterprise with a number of our member banks in Mexico.”