SWIFT and MonetaGo Partnered for Blockchain Network In India

SWIFT India and MonetaGo partnered and launched a pilot program to provide blockchain enabled network to Indian Banks.

SWIFT India aka SWIFT India Domestic Services Pvt Ltd is joint venture among SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication), the global banking cooperative, and top Indian banks like 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. The entity is formed to address India's domestic needs of the financial services industry. SWIFT enables secure messaging in the financial community with its proprietary technology.

New York-based MonetaGo is a company which offers blockchain services to the finance industry. It uses technology to simplify information processes. In 2015, MonetaGo also launched its Bitcoin exchange in Belfast. Montego has been working with the Reserve Bank of India since 2017.

The banks will use a shared distributed ledger network aka blockchain network to meet industry-level governance, security and data privacy requirements to improve the efficiency and security of their financial products and procedures. MonetaGo's financial services network technology integrated with standardized SWIFT financial messages.

MonetaGo already deployed the production-grade the Fraud Mitigation Network (blockchain network) in India. MonetaGo is also a member of Hyperledger and it uses Hyperledger Fabric for its solution.

Reserve Bank of India was orchestrating the creation of new receivable financing initiatives for micro and small businesses. They licensed three entities RXIL, A.TReDS, and M1xhange. RXIL is a joint venture between National Stock Exchange of India and Small Industries Development Bank of India. A.TREDS is a joint venture between Axis Bank and mjunction, the largest e-marketplace for steel in the world. M1xchange is a leading global service provider in business process and technology management, offering a broad spectrum of services in Finance and Accounting.

The blockchain based Fraud Mitigation Network provides a common platform not controlled by any of these financial institutions to securely and confidentially share information, thus reducing fraud around receivables financing.

Notably SWIFT and Ripple are two competitors who are enabling money transfer across overseas using their network. SWIFT has been used by many banks since the 1970s to send money overseas, however, Ripple has provided more robust and much more inexpensive way to remittances using their own blockchain based network. Ripple has been tieing up with banks and financial institutions to evangelize benefits that Ripple solution offers.