DEDUPLICATING TRADE FINANCE
Fraud in trade finance is a pervasive, global problem that costs companies billions every year. Fraud can be perpetrated over long periods of time, only discovered when a fraudster is finally unable to repay their financiers. Countless instances of fraud scandals trace back to duplicate financing- where multiple banks unknowingly finance the same authentic or fabricated documents- as there is no current preventative nor collaborative detection mechanism in place.
Secure Financing leverages best-in-class technology to prevent duplicate financing in real-time. The network acts as a secure unified data repository across participants. The platform's Fingerprinting functionality creates a digital fingerprint that guarantees privacy while enabling detection of exact or partial matches between documents in the system.