- SWIFT India and MonetaGO have announced a collaboration to create a blockchain-based platform for Indian banks
- This will help improve the efficiency and security of banking products offered to customers
According to November 20, 2018, press release, SWIFT India and MonetaGo, a fintech firm, have collaborated to create a blockchain platform to help Indian banks improve the efficiency of the financial products offered to their customers.
SWIFT specializes in transaction services for banks and other corporate bodies. It was established by the SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication) and a number of local and international banks.
MontegaGo’s financial network technology will be merged with SWIFTS’ messaging services and will also make use of blockchain technology to ensure better security and efficiency to serve consumers.
“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.” said Mr. Kiran Shetty, CEO of SWIFT India.
India has a significant population and SWIFT serves a significant percentage of that population.
By bringing in MonetaGO’s technology network, these users are given access to their user-friendly interface which will enable them to complete their transactions more easily.
Beyond this, SWIFT has already stated their intention to digitize Indian trade transactions. This appears to be in line with MonetaGO’s vision as well.
“Given India’s focus on a 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,” said Jesse Chenard, CEO of MonetaGo.
Seeing as this collaboration is aimed at banks and other financial institutions, there is a significant potential for further adoption.
Fortunately for the banks, both SWIFT and MonetaGO’s services are compatible with multi-level governance and also offer privacy and security settings.
India and Blockchain
India has been in the news recently for its somewhat complicated relationship with the blockchain industry.
One one hand, blockchain technology is being used to improve the experience of bank users. On the other hand, the recent government regulations have been unfavorable towards cryptocurrencies, with crypto businesses even leaving the country.
The government only just announced a date for the drafting of new Cryptocurrency regulations and the future of blockchain in India is still unknown.