RAMSUN chooses MonetaGo’s Secure Financing solution for preventing double financing risk

RAMSUN chooses MonetaGo’s Secure Financing solution for preventing double financing risk
23.07.2020 12:07 pm

RAMSUN chooses MonetaGo’s Secure Financing solution for preventing double financing risk

Risk Management

RAMSUN Network, India’s e-marketplace for Supply Chain Finance and other Supply Chain related solutions, has joined fintech MonetaGo’s Secure Financing Network.

The RAMSUN Network facilitates easier and faster financing for small businesses, through its artificial intelligence-enabled technology solution. This allows multiple financiers to be part of Supply chain/Channel Finance ecosystem. India’s small business community faces ongoing challenges to securing funding, which have been exacerbated by the coronavirus.

By choosing MonetaGo’s Secure Financing solution, RAMSUN Network will be able to reach even more small businesses in India – and beyond – that need critical cash flow, fast. MonetaGo empowers companies to spot, and stop invoice fraud in real-time. It uses blockchain-technology to create certainty during the invoice financing process, mitigating risks such as double invoice financing.

MonetaGo’s Secure Financing solution has been used by all Trade Receivable e-Discounting System (TReDS) exchanges in India since March 2018. TReDS was formulated by India’s Central Bank as an online mechanism for facilitating the financing of trade receivables of small to medium sized businesses by multiple financiers.

Ramesh Bisht, Co-Founder at RAMSUN Enterprise Payments Network, said: “At RAMSUN Network, we are committed to creating an intelligent & secured ecosystem for all participants including Financial Institutions. For this, while we have in-built system features, we are also tying up with many Fintech’s who can create value-add to the ecosystem with their experience and unique solutions. We are familiar with MonetaGo’s Secure Financing solution and its growth in developing the blockchain ecosystem in India. MonetaGo’s solution is very unique and will help RAMSUN’s e-marketplace to validate if the invoices have been financed by some other financier on a real-time basis before financing or disbursal by lenders on its platform and thus providing them the necessary comfort level by mitigating duplicate financing risk.”

Sunil Kumar, Co-Founder at RAMSUN Network, said: “MonetaGo’s well architected design and its technology roadmap of improving the platform further to cater to the growing volumes efficiently gives us the confidence we have chosen the right partner. We are confident that MonetaGo’s blockchain-based unique solution & their expertise in this space will help us to offer clean assets to the lenders on the platform and also provide additional comfort to the financiers transacting on RAMSUN Network”

Jesse Chenard, CEO MonetaGo, said: “India’s SME community has been hit particularly hard by the cash flow challenges the coronavirus has brought. It is during times such as these that the need for solutions such as the RAMSUN Network becomes stronger than ever. RAMSUN Network has leveraged the lockdown period to build and scale up its marketplace to help deliver vital cash flow to small businesses.“

Related News

Mitsubishi UFJ Financial Group (MUFG) Selects AxiomSL To Automate Daily Equity Position Monitoring And Reporting Globally

AxiomSL, the industry’s leading provider of risk and regulatory reporting solutions, today announced an agreement with Mitsubishi UFJ Financial Group (MUFG), a... Read more »

Wolters Kluwer Lien Solutions Urges U.S Lenders to Consider Key Risk Strategies to Support Growth

In the wake of an expected wave of defaults by U.S business borrowers, the nation’s lenders are best advised to apply risk management practices to set the stage for long-term... Read more »

Mphasis Digital Risk leverages Mendix low-code platform to enable fast, effective digitalization for the financial services industry

Mendix, a Siemens business and the global leader in enterprise low-code, today announced that... Read more »

MayStreet expands cash treasury offering with the addition of Fenics data

MayStreet, the industry’s leading market data infrastructure provider, today announced it has added Fenics USTreasuries (Fenics UST) to its US cash treasury... Read more »

ESIS numbers surpass pre-pandemic levels for the first time

Mortgage technology expert Mortgage Brain has seen the volume of ESIS generated through its sourcing systems surpass pre-pandemic levels for the first time... Read more »

BBVA Bank selects Fujitsu’s Quantum-Inspired Digital Annealer to explore customers’ investment portfolios

Fujitsu today announces that it is collaborating with BBVA, Spain’s second largest bank, on a proof of... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel