SWIFT India, MonetaGo to Test Blockchain Solutions for Financial Fraud Prevention

Published on 21 November 2018 by Cryptovest Staff

SWIFT India, a major financial services provider, and US fintech company MonetaGo have partnered to attract new clients by offering blockchain-driven fraud prevention solutions. The companies will trial a distributed ledger technology (DLT)-powered financial messaging system for the banking industry, according to a press release from Tuesday.

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

SWIFT India is a joint venture between Society for Worldwide Interbank Financial Telecommunication (SWIFT SCRL) and several Indian financial institutions: 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.

India’s authorities have different approaches to cryptocurrencies and their underlying technology, the blockchain. While the country’s central bank has banned banks from providing services to virtual coin trading operators, the central government has eyed DLT and its potential benefits. Earlier this week, news broke out that the Finance Ministry special crypto panel reportedly plans to submit a draft regulation for the country’s digital asset market.