MUMBAI, India, Nov. 20, 2018 /PRNewswire/ -- SWIFT India, a leading provider of secure financial messaging services for the Indian financial community and MonetaGo, a leading provider of financial technology, announced today a partnership and pilot program aimed at benefitting all Indian Banks. Based on MonetaGo's financial services network technology integrated through standardized SWIFT financial messages, the banks will use a shared distributed ledger network designed to meet industry-level governance, security and data privacy requirements to improve the efficiency and security of their financial products and procedures.
"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.
MonetaGo's technology and product suite capitalizes on cutting-edge financial technology to enable critical real-time decision making. Solutions are easily accessible via simple interfaces and ready to deploy in heavily regulated environments.
"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. "This work is going to positively impact the information available to the banking industry at large."
Earlier in 2018, MonetaGo announced the production deployment of the Fraud Mitigation Network in India which provides a common platform not controlled by any one financial institution to securely and confidentially share information, thus reducing fraud around receivables financing.
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
About SWIFT India
SWIFT India Domestic Services Pvt Ltd ("SWIFT India") is a joint venture created by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication), the global banking cooperative, and (in alphabetical order) Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Citi, HDFC Bank, ICICI Bank, Punjab National Bank, Standard Chartered Bank, State Bank of India and Union Bank of India, to address domestic market needs of the Indian financial services industry. Based on proven SWIFT technology, 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. SWIFT India's mission is to support the community in the next wave of banking industry transformation. SWIFT has been operating in India since 1991.
For more information, visit www.swiftindia.org.in