SWIFT India Partners With MonetaGo for Blockchain Banking Pilot

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

Using infrastructure provided by MonetaGo and SWIFT’s standardised financial messages, the proposed blockchain platform will enable banks in the country to improve the security and efficiency of their financial products and processes.

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 provide blockchain infrastructure for a pioneering interbank blockchain platform pilot. At the time, it was reported that the banks, cumulatively responsible for over 80 percent of India’s transaction total, put together a pilot program that would see a blockchain platform integrated with their existing infrastructure and technologies, in an attempt to ease adoption.

Reference: https://www.ccn.com/swift-india-partners-with-monetago-for-blockchain-banking-pilot/

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