SWIFT India has partnered with fintech firm MonetaGo to pilot a distributed ledger (DLT) network designed to improve the efficiency and security of financial products, according to a press release published Nov. 20.
SWIFT India is a joint venture established by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication) and a number of major Indian and international banks, including HDFC Bank and the Bank of India. The organization provides messaging services to domestic market infrastructures, banks and corporates.
Per the announcement, the new program based on MonetaGo’s financial services network technology will be integrated through standardized SWIFT financial messages.
The banks will purportedly deploy a shared distributed ledger network, that complies with industry-level governance, security and data privacy requirements in order to improve the efficiency and security of their financial products and procedures.
According to Kiran Shetty, CEO of SWIFT India, the company will digitize trade processes, while MonetaGo will provide “fraud mitigation solutions to avoid double-financing and check authenticity of e-way Bill.” E-way Bill is an electronically generated bill for the specific movement of goods with a value more than 50,000 rupees ($700).