Kiran Shetty, chief executive officer, SWIFT India

SWIFT India has decided to deploy shared distributed ledger network in its secure financial messaging service for the country’s lenders with the help of MonetaGo.

Indian banks will be able to use the shared distributed ledger network based on Monetago’s technology, integrated through standardized SWIFT financial messages for industry-level governance, security and data privacy.

“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,” said Kiran Shetty, chief executive officer, SWIFT India.

Monetago specializes in solutions that are easily accessible via simple interfaces and ready to deploy in heavily regulated environments.

“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,” said Jesse Chenard, chief executive officer of MonetaGo. “This work is going to positively impact the information available to the banking industry at large.”

Earlier this year, MonetaGo had announced production deployment of Fraud Mitigation Network in India. The network is a common platform to share information in a secure and confidential process. It is not controlled by any single financial entity and aims at reducing fraud around receivables financing.

SWIFT India is a joint venture between SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication), the global banking cooperative, and a consortium of large Indian lenders. The consortium comprises of 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.

by Parnika Sokhi
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