SWIFT India, MonetaGo Partner On Blockchain Pilot To Help Banks Combat Fraud

Blockchain, News | November 21, 2018 By:

SWIFT India has partnered with FinTech firm MonetaGo to improve the efficiency and security of banking products and procedures using blockchain technology.

SWIFT India was created by global banking cooperative SWIFT SCRL and major Indian banks to address domestic market needs of the local financial services industry. Based on SWIFT technology, the company provides messaging services to domestic market infrastructures, banks and corporates, enabling the financial community to exchange automated, standardized financial information securely and reliably.

MonetaGo provides enterprise solutions for financial operations. Its product suite, which include supply chain finance and corporate issuances, capitalizes on cutting-edge financial technology to enable critical real-time decision making. The solutions are compliant with existing regulations and designed to improve the efficiency and security of financial products.

Under the partnership, the two companies will launch a blockchain pilot program aimed at facilitating fraud prevention for all Indian banks in a secure, reliable environment. Based on MonetaGo’s financial services network technology integrated through standardized SWIFT financial messages, the banks will use a shared distributed ledger network that would enable them to meet industry-level governance, security and data privacy requirements.

“SWIFT India is committed to provide significant value to the Indian financial community through digitisation of trade,” said Kiran Shetty, CEO of SWIFT India. “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.”

In April of this year, MonetaGo launched its Fraud Mitigation Network in India, which connects various financial service organizations that provide invoice financing. The network, based on Hyperledger Fabric, enables participants to share information securely in order to reduce fraud around receivables financing. It can automatically identify a duplicate invoice, even if the bill has been slightly altered to appear different.

“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,” said Jesse Chenard, CEO of MonetaGo. “This work is going to positively impact the information available to the banking industry at large.”