SWIFT India and MonetaGo Fintech Firm to Trial a Blockchain Distributed Ledger Network
According to a press release uploaded a few days ago, SWIFT India and MonetaGo sign partnership to benefit Indian banks. With this new project, it would be possible to facilitate fraud prevention for banks in a reliable environment based on blockchain technology.
SWIFT India, a company that provides financial messaging services for India, alongside with MonetaGO, a fintech company, announced a partnership to launch a pilot program based on blockchain technology. With this new pilot program, the intention is to benefit Indian banks.
By using a distributed ledger technology (DLT) platform the institutions connected to this network will have improved efficiency and security on their financial products and procedures.
Kiran Shetty, CEO of SWIFT India, said that the company is working in order to provide significant value to the Indian financial community by embracing the latest trends in the technological field.
About it, Mr. Shetty commented:
“SWIFT India is committed to providing significant value to the Indian financial community through digitisation of trading. MonetaGo’s expertise in providing fraud mitigation solutions to avoid double-financing and check the authenticity of e-way Bill gave us the confidence to partner with them.”
MonetaGo has created products that are at the forefront of the market. These services allow companies to make real-time decisions. Additionally, the solutions provided by the fintech company are easily accessible using simple interfaces and ready to be deployed.
Jesse Chenard, CEO of MonetaGo said that India’s focus on digital infrastructure supports technological innovation. Large players are already interested in these initiatives, the CEO said. Furthermore, the work is expected to have a positive impact on the information available to the banking industry as a whole.
The products that are provided by MonetaGo are compliant with the current regulations and are very useful to improve efficiency and security of financial products in the market. SWIFT India works with different banks such as Bank of India, Canara Bank, or Punjab National Bank, among others.
India took very hard policies against virtual currencies and the whole crypto industry. Several exchanges had to close their operations and banks stopped offering services to crypto-related clients.