SWIFT India, MonetaGo to Test Blockchain Solutions for Financial Fraud Prevention

SWIFT India, a major financial services provider, and US fintech company MonetaGo have partnered to attract new clients by offering blockchain-driven fraud prevention solutions. The companies will trial a distributed ledger technology (DLT)-powered financial messaging system for the banking industry, according to a press release from Tuesday.

SWIFT India did not reveal when it will conduct the test or whether it plans to change its existing service with the DLT version or if blockchain can complement the company’s products. Currently, the financial institution offers a messaging network to Indian banks, through which they share information about transactions, payments, securities, trade finance, loans and other instruments in their daily work.

The blockchain product aims to guarantee higher security and an easier…

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