India’s credit card transactions operator, SWIFT India has partnered with fintech firm MonetaGo in order to develop and pilot a distributed ledger (DLT) network designed to improve the efficiency and security of financial products, according to the recently published company’s press release.
It was also stated that the new application that will be based on MonetaGo’s financial services network technology will be integrated through standardized SWIFT financial messages.
Thus, the banks will deploy a shared distributed ledger network, that complies with industry-level governance, security and data privacy requirements in order to enhance the efficiency and security of their financial products and process and make transactions quicker.
SWIFT India is a joint venture established by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication) and a number of major Indian and international banks, including HDFC Bank and the Bank of India. The organization provides messaging services to domestic market infrastructures, banks, and corporates.
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