An important milestone has been achieved in the global fight against fraud and duplicate financing with the live launch of the Trade Financing Validation Service provided by MonetaGo over the global SWIFT network. This is the first third-party service in trade, available through the SWIFT application programming interface (API) channel. Following the successful completion of… Continue reading SWIFT and MonetaGo achieve milestone in the fight against trade finance fraud
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Finastra partners with Contour to offer a new digital trade finance network
The integration brings together banks and corporates globally through a common digital network ecosystem, increasing access to trade finance while enabling seamless and secure transactions. Today at Sibos 2022 in Amsterdam, Finastra announced a collaboration to integrate its Fusion Trade Innovation software with Contour, the global digital trade finance network, providing banks and corporates with a streamlined end-to-end… Continue reading Finastra partners with Contour to offer a new digital trade finance network
Digitising trade: fraud, fintechs and the future
Attending a talk at Sibos with Managing Director, US and Canada, Ben Arber and Gonzalo Perez Verdicchio, chapter lead API product management at SWIFT, Trade Finance Global (TFG) was able to learn more about the next steps for the market.
PODCAST | SWIFT thinking: how the global payments system can help digitalise trade finance
Trade Finance Global (TFG) spoke with Rishikesh Tinaikar, global head of corporates and Trade Go to Market at SWIFT, to further explore the pandemic recovery and how lockdowns are accelerating trade finance’s push toward digitalisation.
Finastra and Visa announce a BaaS collaboration to ease cross-border payment capabilities
Finastra and Visa announced a Banking as a Service (BaaS) collaboration on September 22, 2022. This partnership will co-develop new features for Finastra’s Payments Hub solutions. It will also implement Visa Direct, a digital payment network connecting more than two billion accounts through push-to-account offerings. Finastra’s bank customers will now have access to cross-border payouts,… Continue reading Finastra and Visa announce a BaaS collaboration to ease cross-border payment capabilities
Standard Chartered completes trade financing validation service, facilitated by MonetaGo
Standard Chartered has successfully completed an industry-first pilot testing of a 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… Continue reading Standard Chartered completes trade financing validation service, facilitated by MonetaGo
UK halts all fuel supplies from Russia, reports ONS
In addition to the joint sanctions placed on Moscow by the UK and other NATO countries in February, Office for National Statistics (ONS) figures have confirmed that UK private energy firms no longer import any oil or gas from Russia.
The continued evolution of cross-border payments
Cross-border payments are at the core of international finance and economic activity and it have undergone dramatic changes over the past fifty years.
Network connectivity in trade finance: a new generation of technology
The last decade has seen a substantial change in global trade bank attitudes towards innovation and collaboration.
Fraudbusters – MonetaGo’s CEO on tackling duplicate financing fraud in trade finance via the Trade Finance Registry
With the trade finance gap at an all-time high, some tech companies are creating novel solutions to help combat the wide-scale fraud that has challenged the sector for many years, making it a more attractive space for lenders once again.
TFG spoke to Jesse Chenard of MonetaGo to find out more.
It’s not you, it’s KYC: declining correspondent banking relationships harms developing economies
Correspondent banks are a key part of cross-border payments facilitating the flow of trade between different jurisdictions.
Balance is key: new BAFT VP Deepa Sinha on payments and fighting financial crime
TFG’s Deepesh Patel interviewed the new VP to learn what led her to BAFT, her view on fighting financial crime, and her insights into the progress made in the payments space.
Key to digitalisation – reducing the trade finance gap without creating unfair biases
Female-owned export companies are being unfairly excluded from receiving trade finance loans, and more needs to be done to remove gender bias from the decision-making process, according to experts at this year’s World Trade Symposium.
Gas from the past: political history haunts energy supply chains amid Russian sanctions
On Wednesday, the Russian gas exporter and bank Gazprom suspended gas flows to Poland and Bulgaria as the firm did not receive payment from the countries in roubles.
Banque Misr and Finastra come together to automate trade finance in Egypt
Finastra has announced that its Fusion Trade Innovation and Fusion Corporate Channels have been selected by Banque Misr – the second largest national bank in Egypt – to digitalize its trade finance services and provide a premium user experience. Banque Misr has also selected Finastra’s partner, DataGear – a service provider for banking and financial services in Egypt – for… Continue reading Banque Misr and Finastra come together to automate trade finance in Egypt