SWIFT India and MonetaGo initiate Pilot Program using Distributed Ledger Technology

SWIFT India and MonetaGo have announced a partnership and pilot program to facilitate fraud prevention for banks in a secure, reliable environment using distributed ledger technology.

Based on MonetaGo’s financial services network technology integrated through standardised 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.

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.

“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.”

“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,” said Kiran Shetty CEO of SWIFT India.

SWIFT India Domestic Services Pvt Ltd (“SWIFT India”) is a joint venture created by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication), and several banks operating in India (Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Citi, HDFC Bank, ICICI Bank, Punjab National Bank, Standard Chartered Bank, State Bank of India and Union Bank of India). SWIFT has been operating in India since 1991.