Swift India has partnered with fintech firm MonetaGo to pilot a shared distributed ledger network to beef up defence against banking frauds.
The partnership will test a distributed ledger network based on MonetaGo’s financial services network technology integrated through standardised SWIFT financial messages.
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The participating banks will use this shared network to enhance efficiency as well as strengthen security of their financial products and procedures.
The distributed ledger network to be tested is said to have been designed to fulfil industry-level governance, security and data privacy requirements.
SWIFT India CEO Kiran Shetty 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.”
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By GlobalDataThe initiative follows the production deployment of MonetaGo’s Fraud Mitigation Network in India. This network will offer a common platform to share information securely reducing chances of fraud.
MonetaGo CEO Jesse Chenard 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.”
Swift India is a joint venture between global banking cooperative Swift and leading Indian banks. It has been established to address the requirements of the domestic financial services industry.
