Swift India has partnered with New York's MonetaGo on a pilot fraud prevention programme for supply chain finance using distributed ledger technology.
A joint venture between Swift and leading Indian banks, Swift India intends to test MonetaGo's technology on the exchange of messages between banks over the domestic banking network.
The move follows the 2018 production deployment of MonetaGo's Fraud Mitigation Network in India which provides a common platform for banks to securely and confidentially share information in an effort to reduce fraud around receivables financing, specifically targeting the use of e-way bills for Intra-state movement of goods.
Kiran Shetty CEO of SwiftWIFT India, says: "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."