SBI Factors to adopt MonetaGo's Secure Financing system
SBI Factors – the largest factoring company in India – is a wholly owned subsidiary of the State Bank of India (SBI) and operates as a Non-Banking Financial Company (NBFC) regulated by the Reserve Bank of India.
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It offers domestic and export factoring services and represents a significant share of India's factoring and invoice discounting market.
'SBI Factors empowers MSMEs and other businesses through innovative financial solutions that make cash flow management more efficient—across domestic, export, and reverse factoring flows,' said Bharat Mishra, Managing Director & CEO, SBI Factors. 'It is critical to our customers' businesses that lending through our solutions is subject to real-time fraud checks. MonetaGo is the leader in this space, and we are delighted to join their user community.'
'The Indian invoice discounting landscape has undergone a remarkable transformation in under a decade, enabling exponential growth in the SME sector and vastly improving access to safer financing,' said Kalyan Basu, Managing Director - India, MonetaGo. 'We applaud SBI Factors for joining us in advancing secure lending and look forward to a successful partnership.'
MonetaGo's Secure Financing system has operated in India since 2018, conducting real-time fraud checks on billions of dollars in transaction value. In May 2024, the system was upgraded from distributed ledger technology (DLT) to confidential cloud computing, enhancing scalability and privacy. It remains unique in being standards-based and capable of handling millions of documents across multiple formats.
'I am pleased to welcome SBI Factors to MonetaGo's Secure Financing platform,' said Neil Shonhard, CEO of MonetaGo. 'The proof-of-value confirmed the persistent threat of fraud in today's factoring and trade lending environment. We are committed to supporting forward-thinking institutions like SBI Factors as they take concrete steps to safeguard their operations and customers.'
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