SWIFT India has announced a collaboration with financial technology supplier MonetaGo to launch a distributed ledger pilot program which will aid the operation of Indian banks.

Using infrastructure provided by MonetaGo and SWIFT’s standardised financial messages, the planned blockchain platform will enable banks in the country to boost the protection and potency of their financial products and processes.

MonetaGo’s expanding Footprint in india

It will be recalled that in January 2017, CCN reported that New York-based MonetaGo was tapped by a consortium of 15 Indian banks to produce blockchain infrastructure for a pioneering interbank blockchain platform pilot. At the time, it was reported that the banks, cumulatively responsible for over 80 % of India’s transaction total, put together a pilot program that might see a blockchain platform integrated with their existing infrastructure and technologies, in an effort to ease adoption.

Leveraging its previous experience in the Indian financial services area, MonetaGo’s blockchain solution will enable crucial real-time decision making using an simply accessible and intuitive interface. In April, the company declared the successful deployment of the first-ever enterprise grade blockchain i India, that was designed for everyday use by multiple financial services organizations to securely store confidential information.

Speaking regarding the purpose of partnering with MonetaGo on the project, Kiran Shetty, CEO, SWIFT India said:

“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.”

Giving his thoughts on working with SWIFT India, Jesse Chenard, CEO, MonetaGo said:

“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. This work is going to positively impact the information available to the banking industry at large.”

In July last year, CCN reported that SWIFT launched a test pilot for a blockchain-based cross-border payment system, that was supported by a total of 28 banks as well as ABN AMRO Bank, ABSA Bank, BBVA, Banco Santander, China Construction Bank, China Minsheng Banking, Commerzbank and Deutsche Bank among others.

The announcement is especially important, coming at a time once the conversation surrounding SWIFT and blockchain technology is dominated by the threat of Ripple, that has a expressed goal of taking over SWIFT’s market share. SWIFT India, a joint venture owned by SWIFT and a consortium of Indian banks has however demonstrated that it acknowledges blockchain technology as a means of improving its existing operating framework, instead of an existential threat.

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