SWIFT India and MonetaGo announce Indian blockchain pilot

SWIFT India has partnered with FinTech venture MonetaGo, on a pilot programme involving Indian banks.

This will be based on MonetaGo’s financial services network technology integrated through standardised SWIFT financial messages. The banks, including HDFC Bank and the Bank of India, will use a shared distributed ledger network designed to meet industry-level governance, security and data privacy requirements to improve the efficiency and security of their financial products and procedures.

“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,” says Kiran Shetty CEO of SWIFT India.

e-way Bill is an electronically generated bill for the specific movement of goods with a value more than 50,000 rupees ($700).

“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,” comments Jesse Chenard, CEO of MonetaGo. “This work is going to positively impact the information available to the banking industry at large.”