SWIFT India, MonetaGo partner to prevent banking fraud using blockchain technology

SWIFT India, in collaboration with fintech company MonetaGo, is going to launch a blockchain-based pilot program to facilitate fraud prevention for banks in a secure, reliable environment.

SWIFT has been operating in India since 1991. SWIFT India is a joint venture created by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication), in collaboration with 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.

The pilot program will be based on MonetaGo's financial services network technology integrated through standardized SWIFT financial messages. Banks will use a shared distributed ledger network, which has been 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 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.

Earlier in 2018, MonetaGo announced a fraud prevention solution for trade finance, which was probably the first production blockchain solution in the sector, Ledger Insights reported. It said that its technology and product suite leverages 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.

"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."