Company SWIFT To Launch Pilot Blockchain For Banks In India
SWIFT, a network for secure sending and receiving data about financial transactions worldwide, and the MonetaGo fintech company have partnered to launch an experimental blockchain network for banks, according to a press release.
With the help of this new product, companies intend to make financial operations more efficient and secure, relying on distributed ledger technology.
The future blockchain network will comply with industry standards of security and data privacy. Specialists will implement measures to combat fraud and double funding, and will also verify the authenticity of electronic E-way Bills designed in India for transactions with goods priced at more than $700.
MonetaGo will provide technology for creating a corporate financial network. It is noted that simple interface of the product will make it easy to use banking services, and the network itself will be compatible even with highly regulated ecosystems.
SWIFT specializes in providing services for secure business messaging, and its benefits will appear in the joint pilot network. SWIFT’s secure communication channels are already being used by banks, corporations, and other institutions in India.
India pays a lot of attention to development of a digital infrastructure, creates a favorable policy, and promotes innovations, according to Jesse Chenard, the head of MonetaGo. He is sure that the major financial industry players will be interested in the new blockchain project.
Earlier, MonetaGo announced the launch of a decentralized platform for transparent receivables financing, where fraud risks are minimized.
Previously, Indian bank conducted the first blockchain transaction using a letter of credit.