Mumbai, Maharashtra, India, 9th October 2019: Supply Chain Financing platform Xpedize is joining MonetaGo’s Anti-Fraud Network to mitigate against potential financial risks like invoice frauds. By joining MonetaGo’s growing network, Xpedize will be use MonetaGo’s digital one-way invoice fingerprinting technology that enables higher transparency in all transactions between their suppliers and buyers.
Xpedize, a FinTech company that improves upon the traditional forms of invoice discounting models, provides a Software with a Service (SwaS) that brings Buyers, Suppliers and Financiers on a common platform, where Suppliers offer dynamic cash discounts to receive early payment on their accepted invoices.
Traditionally, inaccessible data and lack of information sharing has enabled bad actors to take advantage of the financial ecosystem earlier. But MonetaGo has been able to eliminate information gaps by working with financial institutions to ensure that they can prevent this lost value and improve their overall balance sheets using blockchain technology.
“There are a number of options available nowadays,” said Regan Mithani, Co-founder of Xpedize. “We’ve evaluated a few solutions and found MonetaGo’s offerings to be more effective, technologically superior, and better priced than all of the others. The synergy we obtain through this partnership integrates perfectly into Xpedize’s existing technology and future vision benefitting all of our clients.”
He further added, “While Buyers on the Xpedize platform generate higher yields with no additional risk via discounts from a wider supplier base, and achieve overall better operating margins, Suppliers are able to improve their availability of working capital, accelerate cash flow, obtain additional sources of financing, and importantly, eliminate cumbersome and time-consuming paperwork. A step up in our value proposition with this initiative is for our “ Financers,” who will now be assured that the financing being sought on Xpedize is for fingerprinted invoices. This accelerates their credit decision making and significantly reduces potential losses towards fradulant transactions.”
Speaking about Xpedize joining MonetaGo’s Anti-Fraud Network, Jesse Chenard, CEO of MonetaGo said, “Xpedize immediately understood our offering and has the technological ability to quickly take advantage of Fingerprint data available in our Fraud Mitigation Network through API connectivity.We successfully implemented India’s first live blockchain network with the TReDS exchanges in 2018, and this partnership with Xpedize is a step further towards bringing more transparency and efficiency in the financial ecosystem of India.”
According to NASSCOM, the Indian fintech market will potentially touch $2.2 billion by 2020.The ecosystem will most likely innovate and specialise using automation, blockchain and artificial intelligence.
Xpedize enables Suppliers to unlock their trapped liquidity while also helping the buyers have a direct impact on their operating margin with a flexibility of using internal cash or plugging in external financiers. The addition of MonetaGo’s Network further secures this financing process and reduces the risk to all parties involved which, translates into better financing rates for everyone.
As more innovative companies come together to solve everyday problems, the fintech ecosystem in India is paving novel ways to mitigate frauds. The same trend is expected to reflect with larger institutions in the coming time too.
