SBI Factors and MonetaGo partner to strengthen fraud prevention

SBI Factors and MonetaGo have announced a strategic partnership under which SBI Factors will adopt MonetaGo’s Secure Financing system to enhance fraud detection in its domestic and cross-border factoring and lending operations.

“SBI Factors empowers MSMEs and other businesses through innovative financial solutions that make cash flow management more efficient—across domestic, export, and reverse factoring flows,” said Bharat Mishra, Managing Director & CEO, SBI Factors. “It is critical to our customers’ businesses that lending through our solutions is subject to real-time fraud checks. MonetaGo is the leader in this space, and we are delighted to join their user community.”

“The Indian invoice discounting landscape has undergone a remarkable transformation in under a decade, enabling exponential growth in the SME sector and vastly improving access to safer financing,” said Kalyan Basu, Managing Director – India, MonetaGo. “We applaud SBI Factors for joining us in advancing secure lending and look forward to a successful partnership.”
MonetaGo’s Secure Financing system has operated in India since 2018, conducting real-time fraud checks on billions of dollars in transaction value. In May 2024, the system was upgraded from distributed ledger technology (DLT) to confidential cloud computing, enhancing scalability and privacy. It remains unique in being standards-based and capable of handling millions of documents across multiple formats.

“I am pleased to welcome SBI Factors to MonetaGo’s Secure Financing platform,” said Neil Shonhard, CEO of MonetaGo. “The proof-of-value confirmed the persistent threat of fraud in today’s factoring and trade lending environment. We are committed to supporting forward-thinking institutions like SBI Factors as they take concrete steps to safeguard their operations and customers.”

About MonetaGo
MonetaGo is a provider of fraud detection and prevention solutions. Its Secure Financing systems enables banks, traditional financiers, non-bank financial institutions, fintechs, and trade finance funds to check for duplication and authentication of financing requests linked to invoices, bills of lading, air waybills, warehouse receipts, purchase orders, and other trade-related documents.

Since entering full production in 2018, Secure Financing has processed millions of transactions and prevents billions in fraud losses. The system has been integrated into Swift’s API-enabled infrastructure as the first third-party service on Swift, providing its member institutions with an important tool to combat duplicate financing fraud in trade and supply chain finance. Secure Financing is available to all financiers globally via Swift, API, web-based UI and partners.

About SBI Factors
SBI Factors, the largest factoring company in India, is a wholly owned subsidiary of the State Bank of India (SBI) and operates as a Non-Banking Financial Company (NBFC) regulated by the Reserve Bank of India. It offers domestic and export factoring services and represents a significant share of India’s factoring and invoice discounting market.