By
Temitope Olatunji
April 23rd, 2024
The partnership is aimed at developing a pilot program that will benefit all Indian banks, allowing them to improve the efficiency and security of their products and procedures.
SWIFT India, the world’s leading provider of secure financial messaging services, has announced the partnership with MonetaGo, a fintech firm that offers private permissioned blockchain solutions for financial institutions and central banks.
SWIFT India and MonetaGo Partner to Benefit Indian Banks – https://t.co/nreUSlz0aA #MonetaGo #blockchain #DLT pic.twitter.com/fBLJwX1wnM
— MonetaGo (@Monetago) November 20, 2018
According to the press release, the partnership is aimed at developing a pilot program that will benefit all Indian banks. Due to the integration of MonetaGo’s financial services network technology and standardized SWIFT financial messages, banks will be able to use a decentralized ledger-based network, which will help them improve security and data privacy, as well as meet industry-level governance requirements.
MonetaGo as a Blockchain Leader in the Indian Finance Community
Mr. Kiran Shetty, CEO of SWIFT India, states he trusts MonetaGo, a fintech startup founded in 2014. The products offered by the company facilitates critical real-time decision making by leveraging new technologies in the financial services domain. The MonetaGo platform has an easy interface and can be deployed in heavily regulated environments.
What is more, MonetaGo is a member of the Hyperledger community. The company has experience in fraud mitigation. In April of this year, MonetaGo announced the production deployment of the Fraud Mitigation Network in India.
Created for competing exchanges to work together and achieve shared goals without compromising privacy, the platform enabled MonetaGo to work with Indian Factoring Exchanges and Banking Authorities, which was an excellent opportunity for the company to establish a good reputation.
SWIFT India CEO is very optimistic about MonetaGo’s ability to implement the DLT pilot. He commented on the initiative:
“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.”
Fesse Chenard, the CEO of MonetaGo, said:
“Given India’s focus on 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. This work is going to positively impact the information available of the banking industry at large.”
Rumours around SWIFT
SWIFT India is a joint venture owned by SWIFT and a consortium of Indian banks. Operating since 1991, the company provides messaging services to domestic market infrastructures, banks and corporates, enabling the financial community to exchange automated, standardised financial information securely and reliably, thereby reducing costs and risks, improving compliance and services to its customers.
The company’s major competitor is Ripple which is going to take over SWIFT. Such a statement came from Ripple CEO Brad Garlinghouse after the speculation about potential integration between SWIFT and Ripple turned out to be a faked rumour. Ripple CEO categorically dismissed any talks between the companies and criticized SWIFT for their “obsolete” technologies.
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