SWIFT India and MonetaGo have teamed up to form a pilot shared DLT network in order to upgrade Indian bank services, facilitating fraud prevention and security.
SWIFT, a major provider of financial messaging services and financial tech firm MonetaGo, see the product as capable of servicing all Indian banks in the future by using the shared network.
Aimed at improving the efficiency and security of Indian banks’ financial products and procedures, the country’s financial institutions will be able to use the DLT network which has been designed to meet all industry requirements. SWIFT India’s CEO Kiran Shetty commented on the latest collaboration between the two companies, suggesting that added security was a clear winner in the project thanks to MonetaGo’s involvement:
“SWIFT India is committed to providing significant value to the Indian financial community through digitization of trade. MonetaGo’s expertise in providing fraud mitigation solutions to avoid double-financing and check the authenticity of the e-way bill gave us the confidence to partner with them.”
MonetaGo states on its website that its solutions use next-generation technologies to mitigate risk, increase capital efficiency, and make capital more accessible. The company argues that problems in supply chain financing are often caused by fraudulent activity, a factor overcome by applying its solutions through digitalization. The company’s CEO, Jesse Chenard, was quick to point out how Indian banks could benefit:
“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.”
MonetaGo has been enhancing its anti-fraud capabilities through research and development this year. The new Fraud Mitigation Network platform was created in order to reduce fraud around receivables financing, which was clearly a factor in SWIFT’s collaboration with the company.
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