MonetaGo, a financial technology solutions provider, announced a new platform to combat financing fraud in trade finance on a global level. As banks and financiers embrace digitization, they are provided with new opportunities to share information while at the same time maintaining the privacy and security of client information. MonetaGo’s approach is key to breaking down information barriers among and between banks, platforms, and regional solutions. Information silos between lenders results in duplicate financing fraud as they often have little insight into whether the client has submitted transactions for financing to other lenders. To deliver a secure and standardized solution at a global scale, MonetaGo is partnering with SWIFT on a proof of concept. The POC will enable MonetaGo to leverage SWIFT’s proven and robust API-enabled infrastructure, ensuring users can be confident about connectivity management, authentication, security, interoperability and network reach. If the pilot proves a success, more than 11,000 institutions connected to SWIFT will be able to access MonetaGo’s finance validation service easily and securely in a trusted and globally standardized way. The platform is not only being offered to banks and traditional financiers, but also to Non-Bank Financial Institutions (NBFIs) and non-bank lenders including fintechs and trade finance funds which provide customers in many sectors with trade financing solutions.