SWIFT India, Fintech Firm MonetaGo To Trial Blockchain For Local Banks

SWIFT India, a leading provider of secure financial intelligence services to the Indian financial community, and MonetaGo, a leading provider of financial technology, today announced a partnership and pilot program for all Indian banks.

Based on MonetaGo technology for financial services, integrated via standardized SWIFT financial messages, banks will deploy a common distributed wholesale network that meets industry level governance, security and privacy requirements to improve the efficiency and security of their financial products processes.

Kiran Shetty, CEO of SWIFT India, 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.”

MonetaGo’s technology and product suite uses state-of-the-art financial technology to make critical decisions in real time. The solutions are easily accessible via simple interfaces and can be used in highly regulated environments.

Jesse Chenard, CEO of MonetaGo, 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.”

In early 2018, MonetaGo announced the establishment of the Fraud Mitigation Network in India, which provides a common platform for the secure and confidential exchange of information that is not controlled by a financial institution, thereby reducing fraud in the field of claims.

About MonetaGo

MonetaGo provides financial operational enterprise solutions. The MonetaGo product suite complies with current regulations to improve the efficiency and safety of financial products. Built to support multiple technologies and interact with legacy financial infrastructure, MonetaGo products can be integrated at minimal disruption and costs.

About SWIFT India

SWIFT India Domestic Services Pvt Ltd (“SWIFT India”) is a joint venture founded by SWIFT SCRL (Society for Global Interbanks for Financial Telecommunications), the global banking cooperative, and the Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Citi, HDFC Bank, ICICI Bank, Punjab National Bank, Standard Chartered Bank, State Bank of India and Union Bank of India, to meet the market needs of the Indian financial services industry.

Based on proven SWIFT technology, the company provides messaging services to domestic market infrastructures, banks and enterprises, enabling the financial community to securely and reliably exchange automated, standardized financial information, reducing costs and risks and improving customer compliance and service. SWIFT India’s mission is to support the community in the next transformation industry in the banking sector. SWIFT has been active in India since 1991.