Banks plan to create blockchain platform with SWIFT India to avert frauds

The banking sector is planning to create a blockchain platform with SWIFT India to prevent frauds and ensure transparency and security of real-time transactions. SWIFT India, a leading provider of secure financial messaging services for the global financial sector, has partnered with fin-tech company MonetaGo for a pilot project.
 
The first blockchain project in the country went live some months ago, wherein MonetaGo developed a blockchain platform for the Trade Receivables Discounting System (TReDS) or bill discounting exchanges.
 
SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, provides messaging services to domestic market infrastructures, banks and corporates, enabling