SWIFT India, a provider of secure financial messaging, has entered into a partnership with fintech company MonetaGo to work on a pilot program that will enable fraud prevention for Indian banks by using distributed ledger technology.
Based on MonetaGo’s financial services network technology integrated through standardized SWIFT financial messages, the banks will 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.
SWIFT India CEO Kiran Shetty said: “SWIFT India is committed to provide significant value to the Indian financial community through digitisation of trade. 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.”
MonetaGo’s technology and product suite capitalizes on cutting-edge financial technology to enable critical real-time decision making. Solutions are easily accessible via simple interfaces and ready to deploy in heavily regulated environments.
MonetaGo CEO Jesse Chenard said: “Given India’s focus on a digital infrastructure which is supported by both policy and technological innovation, it makes sense that large institutional players are interested in these products and initiatives.
“This work is going to positively impact the information available to the banking industry at large.”
Earlier in 2018, MonetaGo announced the production deployment of the Fraud Mitigation Network in India which provides a common platform not controlled by any one financial institution to securely and confidentially share information, thus reducing fraud around receivables financing.
Source: Company Press Release