SWIFT India shakes hands with Fintech Firm for Blockchain Pilot

The blockchain technology and adoption is on the rise and the rate at which it is grasping everyone’s attention is just shocking. Due to its widespread applications, especially in the Fintech space, it has become hard to ignore for the traditional banking institutions.

Leveraging the benefits of Blockchain, recent headlines are flooded with a new partnership between SWIFT India and Fintech Firm MonetaGO. The news surfaced on the internet, news channel, and social media on 20th November. Since then, it has been able to grab the attention of other companies in line.

The agreement has been signed to improve financial security purposes. The security of financial products and efficiency in the process are the main aim of SWIFT India. MonetaGo which is a famous Fintech firm promises to deliver a designed network of DLT, i.e. distributed ledger.

As well known for providing telecommunication services to numerous banks, corporates, and traditional market, the hands bore SWIFT India SRCL and financial institutions like HDFC, Bank of Baroda, Axis bank and few more.

The press release suggests that though the network uses MonetaGo’s platform, it will be further integrated into SWIFT’s financial messages. The banks plan on spreading the blockchain(DLT) widely, so that fulfills and sticks to the data, security and many confidential requirements. This would lead to an improved and enhanced financial system.

Both the firms are working to their best. The CEO of SWIFT India states that the joint venture will focus on digitalization of involved trade processes while the Fintech firm will serve with solutions to fraud mitigation. Double-financing and e-way billing scams are problems right now. The partnership plans on eradicating such scams.

Though cryptocurrency is still not legalized in many countries, CEO of MonetaGO believes that given the recent digitalization revolution, it will be very beneficial and expects mass support from various institutions. The products and innovations in these areas will be a boon in the near future.

large institutional players are interested in these products and initiatives”.

Efforts are continually being made by Central Bank of India and Union Cabinet of India to understand the concepts and various techniques of cryptocurrency, the blockchain, and bitcoin. A dedicated unit is set up to adhere to the research of the same, claims Cointelegraph.

A report was published in March stating a DLT PoC(Proof-of-concept) can help Nostro with necessary functions resulting in reconciliation. The results were fantastic and confident.

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