SWIFT India, a joint venture between the Society for Worldwide Interbank Financial Telecommunication (SWIFT SCRL) and international and Indian Banks, recently partnered with MonetaGo, a fintech company, to trial distributed ledger technology (DLT). According to the press release published on November 20, 2018, the DLT network will help improve the efficiency and security of existing financial products, services, and procedures for Indian Banks.
Institutional Players are Interested in DLT
According to the press release, the Indian banks will gain access to a DLT network that meets industry-level governance, security, and data privacy requirements. Although SWIFT India is a very large interconnected banking organization, which includes many large banks such as the Bank of India, and the State Bank of India, SWIFT India’s CEO, Kiran Shetty is very confident with MonetaGo’s ability to implement the DLT pilot.
Shetty decided to trust MonetaGo, a fintech startup, due to their expertise with fraud mitigation solutions, and their previous work with Indian Factoring Exchanges and Banking Authorities.
Furthermore, MonetaGo’s product suite leveraged cutting-edge, emerging, financial technologies which allowed real-time decision making. They ensure that solutions can be easily accessed through a simple interface and can be deployed immediately in heavily regulated environments.
“Given India’s focus on 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,” said Fesse Chenard, the CEO of MonetaGo. “This work is going to positively impact the information available of the banking industry at large.”
Progressing With Companies In the Finance Sector
MonetaGo has also been working with many other companies in the finance sector in India. In April 2018, the fintech startup announced their partnership with Indian Factoring Exchanges and their successful enterprise deployment of the Fraud Mitigation Network. The Fraud Mitigation platform, unlike existing reporting systems, are not controlled by a specific institution. By using a decentralized approach, it can allow people to securely and confidently share information while reducing the chances of fraud around receivables financing.
Furthermore, MonetaGo has demonstrated the effectiveness of blockchain technology to Indian Banking Authorities and Major Banks.
According to the press release, In January 2017, MonetaGo demonstrated that blockchain technology could be connected with the existing payment protocols, allowing the authorities and banks to see how blockchain can be integrated into their current systems. Having the ability to work with some of India’s leading banks was an excellent opportunity for MonetaGo to cement their position as a blockchain leader in the Indian finance community.