To offer a secure and standardised solution at a global scale, MonetaGo is partnering with SWIFT on a proof of concept. The POC will help MonetaGo to use SWIFT’s API-enabled infrastructure, helping users to be confident about connectivity management, authentication, security, interoperability, and network reach.
If the pilot proves a success, more than 11,000 institutions connected to SWIFT will be able to access MonetaGo’s finance validation service in a globally standardised way. In December 2020, MonetaGo was given the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant. The FSTI POC grant provides funding support for experimentation, development, and dissemination of nascent innovative technologies in the financial services sector.
The platform is not only being offered to banks and traditional financiers, but also to Non-Bank Financial Institutions (NBFIs) and non-bank lenders including fintechs and trade finance funds which provide customers in many sectors with trade financing solutions.
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