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New Blockchain Program To Help Banks In India Fight Fraud Is Being Tested

Means to improve the efficiency and security of banking products and procedures have made SWIFT India, and MonetaGo reached a partnership. The project would be aided with a pilot blockchain program.

Blockchain Pilot Program To Combat Bank Fraud

The partnership of the two firms, SWIFT India and MonetaGo to help banks to combat fraud in India will be facilitated with the launch of a blockchain pilot program. This will make fraud prevention more secure and done in a reliable environment.
Indian banks will utilize a shared distributed ledger network that would enable them to meet industry level governance, security and data privacy requirements. This will be leveraged on MonetaGo’s financial services network technology integrated through standardized SWIFT financial messages.
Kiran Shetty, the CEO of SWIFT India noted that SWIFT India is committed to providing significant value to the India financial community through digitization of trade. He also further stated that MonetaGo’s expertise in providing fraud mitigation solution to avoid double financing and check the authenticity of the e-way bill gave the firm the confidence to partner with them.
Also, Jesse Chenard, the CEO of MonetaGo noted that India’s interest in digital infrastructure which is supported by the policy and technology innovation requires the interest of the large institutional players in the products and initiative. Jesse further stated that the work is going to positively impact the information available to the banking industry at large.
MonetaGo’s fraud mitigation network in India has launched this year’s April. This network connects various financial organizations that provide invoice financing. The network is based on hyper ledger fabric and aids its participants to share information securely to reduce fraud around receiving financing. Notably, this can automatically identify a duplicate invoice, even if the bill is slightly altered to appear different.

About MonetaGo and SWIFT India

SWIFT India is a creation of global banking cooperative SWIFT SCRL and major Indian banks to address the domestic market needs of the local financial services industry. The firm utilizes SWIFT technology to provide messaging services to domestic market infrastructures, banks, and corporates. This enables the financial community to exchange automated, standardized financial information securely and reliably.
MonetaGo specializes in providing enterprise solutions for financial operation. Its products include supply chain finance and corporate issuances and utilize cutting-edge financial technology to enable critical real-time decision making.

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