R3, the enterprise software firm, and MonetaGo, a leading provider of financial technology, announced today that they have entered into a strategic partnership where MonetaGo will port its Fraud Mitigation Network from Hyperledger Fabric to Corda Enterprise, R3’s commercial distribution of its open source blockchain platform, Corda.
The Corda Enterprise migration will be completed in early 2019 and will power the next deployment of MonetaGo’s Fraud Mitigation Network in Latin America with an initial launch consortia comprising six of the world’s leading global banks.
MonetaGo’s Fraud Mitigation Network provides a common platform not controlled by any one financial institution to securely and confidentially share information, thus reducing fraud around receivables financing. In April 2018, MonetaGo announced the first production deployment of the Fraud Mitigation Network in India.
Jesse Chenard, CEO, MonetaGo, said:
“As we have seen the DLT market unfold it has become clear R3 is emerging as the leader in the financial services space. In order to make sure we take advantage of this momentum, it makes sense to provide our applications built on Corda Enterprise. This will allow us to provide native interoperabiltiy to our existing and prospective banking partners as well as an easy integration with the leading trade finance platforms being launched such as Voltron and Marco Polo. After our initial launch in Latin America and our port of the Indian Fraud Mitigation Network we look forward to deploying this globally to combat the problem of double financing in the receivables space.”
Porting the Fraud Mitigation Network to Corda Enterprise aligns with the continued expansion of MonetaGo’s ecosystem. By allowing the application to run on numerous blockchain platforms, the technology can best serve to meet industry-level governance, security and data privacy requirements on a case by case basis to improve the efficiency and security of enterprises’ financial products and procedures.
David E. Rutter, Founder and CEO, R3, said:
“MonetaGo has a proven track record with its Fraud Mitigation Network already in production in India. In an ever more complex financial ecosystem, new fraud risks are constantly surfacing. Improving visibility over business and reconciling data records are vital tools in institutions efforts to tackle these issues. We’re excited to see the network running in production on Corda Enterprise with a number of our member banks in Mexico.”
MonetaGo has been a member of the R3 Partner Network since September of 2018.
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 300 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base.
Learn more at r3.com.
MonetaGo provides enterprise solutions for financial operations. The MonetaGo product suite is compliant with existing regulations and designed to improve the efficiency and security of financial products. Built to support multiple technologies and interoperate seamlessly with legacy financial infrastructure, institutions can integrate MonetaGo’s products with minimal disruption and cost. For more information, visit www.monetago.com.