Today MonetaGo announced an international proof of concept (PoC) with SWIFT for its blockchain fraud mitigation solution for trade finance. In 2018 MonetaGo launched a similar domestic solution in India, in which SWIFT India is a partner.
The solution uses APIs and aims to prevent fraudulent trade finance through the double financing of invoices, purchase orders, bills of lading and warehouse receipts.
In the first half of this year, MonetaGo ran a PoC in Singapore with 25 organizations that included the International Chamber of Commerce (ICC), ITFA, Citi, HSBC, SMBC, Stanchart, Bolero and blockchain platforms Tradeix (Marco Polo) and Contour.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
