• Pilot program facilitates fraud prevention for banks in a secure, reliable environment using distributed ledger technology
MUMBAI, India, November 23, 2018 : SWIFT India, a leading provider of secure financial messaging services for the Indian financial community and MonetaGo, a leading provider of financial technology, announced today a partnership and pilot program aimed at benefitting all Indian Banks. 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 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.
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.
“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.”
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.