Global partnership signed: efcom and MonetaGo create new synergies in fraud prevention
29 March 2023
- wide-ranging partnership to boost efficiency and security in factoring
- fraud prevention is one of the biggest challenges today and in the future
- Seamless integration Secure Financing platform into all efcom solutions
Neu-Isenburg, March 2023 - efcom gmbh (Germany) and MonetaGo (USA) have signed a partnership agreement. In this agreement, both companies confirm that they will integrate the products and services of the other company into their own portfolio and promote them in the best possible way. MonetaGo is one of the world's leading providers of fraud prevention solutions. With Secure Financing, their customers have access to a wide range of options to combat double financing in the context of trade finance. Secure Financing uses state-of-the-art encryption technologies, is internationally recognised by numerous industry organisations and is based on globally applicable standards. MonetaGo is headquartered in New York and has offices in Singapore, Mumbai and London.
"Effective fraud prevention is undoubtedly one of the biggest and most important challenges facing the finance and thus also the factoring industry - every day anew, and this will concern us more rather than less in the future," notes Arnulf Romann, CEO of efcom. "From that perspective, our partnership with MonetaGo is a hugely significant step towards additional confidence in our mature factoring solutions." Neil Shonhard, CEO of MonetaGo also affirms: "Recent events around the world show that we can no longer think in closed ecosystems, but must look at risks across borders. This is where our solutions - in future side by side with efcom - ultimately make a significant contribution to maintaining international supply chains. Not least by enabling key decisions to be made in real time."
MonetaGo's Secure Financing system will be integrated into efcom's solutions (ef3 and efX) in the future. The launch will initially take place in efcom's core markets of Germany, Slovenia and Austria, before expanding across Europe and worldwide.
efcom is a leading provider of factoring software solutions. Founded and based in the heart of Europe's financial metropolis Frankfurt am Main over 20 years ago, today efcom and its holdings and partners serve almost 50 well-known financial institutions such as Deutsche Bank-Postbank, HSBC, BNP Paribas, Unicredit, BBVA, Eurofactor, Raiffeisenbank, Allianz-Bank, NovaKBM, FinTechs, large companies and many more. By 2022, efcom's clients reached over €200 billion in factoring volume, with over 100 million invoices and over 1 million buyers and sellers.
MonetaGo is a provider of fraud detection and prevention solutions. The Secure Financing system enables financing requests related to invoices, bills of lading, air waybills, warehouse receipts, purchase orders and other trade-related documents to be checked for duplicates. Since 2018, Secure Financing has processed millions of transactions and was the first third-party service to integrate with Swift's API-enabled infrastructure, providing member institutions with an important tool to combat duplicate funding fraud in trade and supply chain finance.