Yesterday SWIFT India announced a partnership and pilot blockchain with MonetaGo. Earlier this year MonetaGo launched its anti-fraud blockchain with three major Indian trade finance networks that target micro and small businesses. A similar service will now be available to all Indian banks.
SWIFT India is a joint venture between the international SWIFT organization and India’s main banks. It aims to address domestic banking needs. Hence the new pilot will integrate the anti-fraud blockchain with Indian banks using standard SWIFT financial messages.
“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 Mr. Kiran Shetty, CEO of SWIFT India.
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