Indian banks and SWIFT form project on blockchain tech to prevent frauds

The first domestic blockchain project began a few months ago, aimed at preventing frauds

The banking sector is mulling the idea to create a blockchain platform with SWIFT India, to prevent frauds and to 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 MonetaGo, a fin-tech company, 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 is the Society for Worldwide Interbank Financial Telecommunication, provides messaging services to domestic market infrastructures, banks and