Swift India all MonetaGo for banking on blockchain
Swift India and MonetaGo have teamed up for a pilot programme offering payments and banking on blockchain.
Based on MonetaGo’s financial services network technology integrated through standardised Swift financial messages, banks will be able to use a shared distributed ledger network designed to “meet industry-level governance, security and data privacy requirements to improve the efficiency and security of their financial products and procedures”.
There are no timelines or specifics about the pilot.
“MonetaGo’s expertise in providing fraud mitigation solutions to avoid double-financing and check authenticity of e-way Bill gave us the confidence to partner with them,” says Kiran Shetty, CEO of Swift India.
New York-headquartered MonetaGo explains that its technology and product suite offers real-time decision making.
Earlier in 2018, it announced the production deployment of its fraud mitigation network in India which provides a common platform not controlled by any one financial institution to confidentially share information, thus “reducing fraud around receivables financing”.
Swift India is a joint venture created by Swift and (in alphabetical order) Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Citi, HDFC Bank, ICICI Bank, Punjab National Bank, Standard Chartered, State Bank of India and Union Bank of India, to address domestic market needs of the Indian financial services industry.
Swift has been operating in India since 1991.