SWIFT India Partners With Fintech Firm to Integrate Blockchain Platform
SWIFT India has partnered with fintech firm MonetaGo to integrate distributed ledger technology in their system to improve operational efficiency and security.
SWIFT or Society for Worldwide Interbank Financial Telecommunication is a cross-border money payment system.
MonetaGo’s financial services network technology will be integrated to SWIFT’s standardized financial messaging system to provide “fraud mitigation solutions to avoid double-financing and check authenticity” of an electronically generated bill, or more familiar as an e-way bill.
The collaborative blockchain project will benefit the banking sector especially when it has been hit by a series of big fraud incidents in the recent past. The report stated that SWIFT’s system was integrated with the core banking system of domestic lenders, then frauds such as the Nirav Modi could have been avoided.
Quoting SWIFT India CEO, Kiran Shetty’s statement, “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 e-way Bill gave us the confidence to partner with them.”
With MonetaGo’s technology that allows critical real-time decision making, banks all across India can expect for an improved efficiency and security in all their financial products and procedures.
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