FCI and MonetaGo unveil global invoice registry to combat fraud
FCI, the global representative body for factoring and financing of open account domestic and international trade receivables, has announced a new partnership with MonetaGo, a leading global provider of fraud prevention technology. The partnership will grow the adoption of enhanced fraud prevention measures, including interoperable receivables recording centres, to drive meaningful action in combatting fraud in factoring and receivables finance.
This partnership, the first of its kind between FCI and a technology provider, establishes MonetaGo as FCI’s partner for registry technology globally. Additionally, the two organisations will engage in efforts to reach both emerging and developed markets, focusing on educating stakeholders on the efficiencies gained through the deployment of registries and enabling cross-border and cross-document fraud prevention checks.
The mutual partnership will also foster increased collaboration and support from central banks, regulators, and multilateral development banks as they work to reduce business and economic risk and costs associated with fraud and contribute to reducing the trade finance gap by promoting financial inclusion for SMEs and MSMEs.
“This partnership with MonetaGo represents a significant step forward for FCI as we expand our offering to support our members in reducing risks and enhancing efficiency in factoring and trade finance. By collaborating with MonetaGo, we aim to provide our global network with access to cutting-edge fraud prevention tools that will help secure transactions and promote transparency”, said Neal Harm, secretary general, FCI. “A global invoice registry system is critical to ensuring safe, interoperable solutions across markets, enabling trade practitioners to mitigate fraud risks and unlock liquidity. Together, we are committed to driving positive change in the industry, benefiting both our members and the broader trade finance community.”
“Partnering with FCI marks another significant milestone for MonetaGo, and underscores our commitment to strengthening the security and accessibility of factoring and trade finance,” said Neil Shonhard, CEO of MonetaGo. “FCI’s vision aligns closely with our own and is clearly demonstrated in action. MonetaGo has established the global standard for combating fraud in trade and supply chain finance, promoting trust and transparency among financiers and non-bank lenders alike. We look forward to driving meaningful advancements for trade practitioners on a global scale.”
Preliminary efforts will see work to establish increased registry infrastructure and onboarding operations carried out in Africa, the Middle East and Central and Eastern Europe, in collaboration with multilateral banks and regulators in each respective region, with plans for further global expansion in 2025.
Receivables recording centres, also referred to as ‘Collateral Registries’ or simply ‘Registries’, must be interoperable across markets and with other IT systems due to the cross-border nature of international trade. MonetaGo’s solution is standards-based, adopts UN/CEFACT reference data models and ISO 20022 data structures, built in partnership with SWIFT, providing a foundation for mutual usability, making it the first of its kind in registry technology globally.