We Can Stop Duplicate Financing Fraud This Year, Says International Chamber of Commerce United Kingdom as New Initiative Launched
7.2.2023 15:34:00 EET | Business Wire | Press release
The International Chamber of Commerce United Kingdom (ICC United Kingdom) has announced a new initiative to strengthen the UK finance industry against the impacts of duplicate financing fraud. The Centre for Digital Trade and Innovation (C4DTI)-led initiative will leverage ICC United Kingdom’s convening capabilities to deliver this flagship project under the C4DTI’s Shutting fraudsters out of trade workstream in partnership with MonetaGo.
Duplicate financing is defined as fraud by which fraudsters get the same transaction financed multiple times. Today, a fraudster can go to multiple banks and have the exact same trade financed, without the banks having the ability to cross check. Regulation around confidentiality hinders banks from sharing information on deals they have financed with other banks, creating a grey area that fraudsters leverage to finance the same transaction multiple times. It is a fraud typology impossible to detect via existing siloed AI and KYC tools and requires an innovative and collaborative ecosystem approach. Duplicate financing has therefore syphoned billions of dollars from the financial services community globally.
By the end of 2023, UK banks will be able to ensure that a transaction has not been financed multiple times in the banking community. Although some details remain confidential, the majority of trade banks in the UK have agreed to take part in the project, with more expected to join in due course. This would make the UK the first G7 economy to tackle this issue, saving hundreds of millions of pounds in lost funding that can be better spend facilitating real trade transactions. In the context of a global trade finance gap of $1.7 trillion, it is crucial that penny goes to legitimate businesses.
"Technological innovation will change the game in finance over the next five years, with the UK taking a leading charge in MLETR legislative reforms. This will unlock much-needed innovation which will revolutionise finance," said Chris Southworth, Secretary General of ICC United Kingdom.
"Not all innovations require years to deliver value, and eliminating duplicate financing fraud, in partnership with MonetaGo, is a great example of an existing solution that will have a significant impact in the short term. ICC United Kingdom is uniquely positioned to help accelerate the elimination of duplicate financing fraud, with the aim that every financed Pound makes its way to a business raising finance legitimately by the end of 2023."
To combat duplicate financing fraud, ICC United Kingdom has partnered with financial technology provider MonetaGo. The firm's service has been live since 2018, processing millions of transactions in Asia and actively preventing duplicate financing in receivables discounting and invoice finance. The service is available on SWIFT's new API Gateway service offering, enabling its 11,000+ member financial institutions to access the MonetaGo service. Built from the ground up on international standards, this fraud prevention utility connects to a wide array of financing platforms.
Notes to editors:
ICC United Kingdom is the UK representative office of the International Chamber of Commerce, the largest world business organisation representing 45 million companies in 100 countries. ICC’s mission is to promote inclusive, sustainable and green trade. Its rules underpin $25 trillion of global trade.
ICC United Kingdom represents the voice of British business at the inter-governmental level, including the United Nations, G20 and World Trade. Organization. For further information, please visit iccwbo.uk .
The Centre for Digital Trade and Innovation (C4DTI) is an ICC United Kingdom-led, global initiative based in Teesside in the North-East of England. Launched in April 2022 as a public, private partnership, its mission is to accelerate the digitalisation of UK trade and promote the adoption of interoperable legal, standards and rules frameworks. For further information, please visit c4dti.co.uk .
MonetaGo's Secure Financing solution enables banks and traditional financiers as well as non-bank financial institutions, fintechs and trade finance funds to check for duplication 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, the Secure Financing system has processed over 4 million transactions and 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.
MonetaGo has recently been awarded Best Fintech Startup in Trade 2022 by Global Trade Review, while its Secure Financing solution has been recognised as Best Solution in Trade Finance at the AMTD DigFin Innovation Awards at the Hong Kong Fintech Week 2021, and as Most Effective Bank-Fintech Partnership at the IBS Intelligence Global Fintech Innovation Awards 2021. For further information, please visit monetago.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230207005735/en/
Contact information
Michael Keating; press@iccwbo.uk; +44 7542 935329
Matt Stapleton; matt@monetago.com; +65 9654 9402
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Sharjah Unveils Uruk: A New Generation of Sustainable Cities Built for the Post-AI Era29.10.2026 20:15:00 EET | Press release
In the presence of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, and Her Highness Sheikha Bodour bint Sultan Al Qasimi, President of American University of Sharjah and Chairperson of Sharjah Research, Technology and Innovation Park, a pioneering model for a new generation of cities designed for the post-AI era called “Uruk.” This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261029129346/en/ H.H. Sheikh Dr. Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, during the inauguration of “Uruk” (Photo: AETOSWire) The project was revealed at the opening of the second edition of Sharjah Next, through a strategic partnership between Sharjah Research, Technology and Innovation Park (SPARK), American University of Sharjah (AUS) and SEE Holding, bringing together their capabilities in innovation, scientific research and sustainable urban development. Uruk introduces a new vision for urba
Motive and Vivo Brazil Win 2026 Leading Lights Award for Network API Monetization29.10.2026 18:35:00 EET | Press release
Motive, a global leader in entitlement, connected device and service management and Vivo Brazil, Brazil’s largest operator and part of the Telefónica Group, have won the 2026 Light Reading Leading Lights Award for Outstanding Use Case: Network API Monetization for the first commercial scale deployment of SIM-based silent authentication in Latin America. SMS OTP remains relevant as an authentication method due to its broad reach, working on virtually any type of mobile device. SIM-based silent authentication takes this experience a step further by eliminating the need to receive and manually enter codes. The result is a simpler, more seamless user journey that reduces friction and can help lower abandonment rates while increasing customer conversion and retention. Using Motive’s CAMARA-compliant Entitlement Server, Vivo can now verify a subscriber’s phone number directly without requiring a passcode over mobile networks. The business value is straightforward: a simpler authentication ex
REV Ocean Appoints Paul Baribault as CEO Ahead of 2027 Global Operations29.10.2026 16:45:00 EET | Press release
REV Ocean has appointed Paul Baribault as Chief Executive Officer as the organization moves towards the international debut of its 195-metre research vessel in Rio de Janeiro in April 2027, alongside the UN Ocean Decade Conference. One of the world's largest privately owned research and exploration vessels, REV represents a major philanthropic investment in ocean science. With nine laboratories, advanced deep-sea exploration vehicles and dedicated collaboration facilities, it is designed to give scientists access to world-class research infrastructure and connect their discoveries with the people and institutions able to drive ocean protection. Baribault joins as REV Ocean moves from a decade of engineering and construction into international operations. His mandate will be to build the international partnerships, funding base and organization needed to turn REV Ocean’s scientific capabilities into lasting ocean impact. An experienced conservation and nonprofit leader, Baribault served
Holder Partners Launches Strategic Communications Practice and Appoints Ali Ponte as Director and Practice Lead29.10.2026 16:15:00 EET | Press release
Holder Partners, a multidisciplinary consulting and advisory firm, today announced the launch of its Strategic Communications practice and the appointment of Ali Ponte as Director and Practice Lead. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261027701219/en/ Ali Ponte, Director and Practice Lead of Holder Partners’ Strategic Communications practice. The practice advises leading companies and institutions, their boards, senior executives and counsel on communications, reputation and stakeholder considerations in complex matters and periods of significant change or opportunity. Each engagement is tailored to the client’s objectives and, where relevant, draws on Holder Partners’ broader advisory capabilities. Its strategic counsel, informed by research and analysis, helps clients assess the implications of a matter, anticipate stakeholder responses and communicate clearly and effectively. That work includes crisis preparedn
Accertify Formalizes Partner Ecosystem as Fraud, Payments, and Chargebacks Converge Into a Single Risk Surface29.10.2026 16:00:00 EET | Press release
Accertify, a leading fraud decisioning provider whose Predictive Yes Platform helps merchants say yes to more good customers, more revenue, and more growth, today announced the launch of the Accertify Partner Program, a formalized partnership ecosystem connecting payment providers, orchestrators, commerce platforms, and consultancies to Accertify’s network-powered fraud intelligence. Partners can join through two tracks. The Referral track lets partners make a single introduction while Accertify handles the sale, implementation, and support. The Reseller track lets partners sell Accertify on their own contract and own the client relationship and margin. Partners that integrate with Accertify follow a defined certification path, so clients get a tested, supported connection from day one. Every client a partner brings joins a consortium where good customers verified anywhere in the network get through faster everywhere, and bad actors seen anywhere are stopped everywhere. In 2025, Accert
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom