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FCI, the global representative body for factoring and trade receivables finance, has entered into an agreement with fraud prevention technology provider MonetaGo to develop interoperable receivables recording centres.
The collaboration, announced at FCI’s 15th CEE & SEE Regional Conference on Factoring & Supply Chain Finance in Prague, aims to standardise fraud prevention measures in factoring and receivables finance.
The agreement establishes MonetaGo as FCI’s registry technology partner globally, marking the first such partnership between FCI and a technology provider.
According to the agreement, both organisations will work to implement registry systems in emerging and developed markets. The initiative includes educational programs on registry deployment and enables cross-border fraud prevention checks.
Neal Harm, FCI’s Secretary General, said, “This partnership with MonetaGo represents a significant step forward for FCI as we expand our offering to support our members in reducing risks and enhancing efficiency in factoring and trade finance. A global invoice registry system is critical to ensuring safe, interoperable solutions across markets.”
The partnership involves collaboration with central banks, regulators, and multilateral development banks. Initial implementation will focus on Africa, the Middle East, and Central and Eastern Europe, but further expansion is planned for 2025.
MonetaGo CEO Neil Shonhard said the company’s solution promotes “trust and transparency among financiers and non-bank lenders alike.”
The technology incorporates UN/CEFACT reference data models and ISO 20022 data structures. Built in partnership with SWIFT, the system is designed to be interoperable across markets and IT systems to accommodate international trade requirements.
The registry system aims to address duplicate financing and other forms of fraud in trade finance, while potentially expanding access to finance for small- and medium-sized enterprises.
