Both the firms will work together to pilot a program that is intended to prevent fraud and help Indian banks.
DLT-based Solution
SWIFT India, a firm that provides secure & standard messaging system for financial companies in India and MonetaGo, a fintech firm, have announced a partnership and pilot program that aims to benefit all India banks.
Both the firms will use their proprietary technologies and provide a decentralized ledger-based network to banks to improve the security and efficiency of their financial products and services.
The development was reported earlier on Tuesday by prnewswire.com. According to the press release, MonetaGo’s financial services network technology will be integrated through standardized SWIFT financial messages to provide industry-level governance, security and data privacy to banks.
SWIFT India was formed by SWIFT SCRL and Indian banks to cater to the needs of the Indian banks and financial institutions.
Mr. Kiran Shetty, CEO of SWIFT India, 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.
Details of the System
MonetaGo’s product suite facilitates critical real-time decision making by leveraging new technologies in the financial services domain.
The platform is available with an easy to use interface and can be deployed in heavily regulated environments, according to the firm.
Jesse Chenard, CEO of MonetaGo 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.
MonetaGo is a member of the Hyperledger community and earlier this year had successfully deployed a blockchain based Fraud Mitigation Network in India. The solution provides a common platform for competing exchanges to work together to achieve shared goals without compromising privacy.
Blockchain Adoption Growing in India
Earlier this month, Live Bitcoin News had reported about the country’s first blockchain enabled trade finance transaction.
India could soon have its cryptocurrency regulations in place. The government was pushed by the country’s apex court to spell out its stand during a hearing based on the petition filed by the centralized exchanges.
The exchanges have been hit hard due to the ban imposed by the central bank earlier in summer. Amidst the uncertainty, news of growing blockchain adoption does augur well for the future of the technology in India.
What are your thoughts on the use of blockchain technology for interbank communication? Let us know in the comments below.
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