SWIFT India adopts trade finance anti-fraud blockchain

MonetaGo’s anti-fraud solution logs invoices and e-way bills which are used for the movement of goods. The blockchain stores an obfuscated representation of invoices and e-way bills. This enables other banks to confirm whether or not these items have already received trade finance. Hence it prevents fraud through double financing, but at the same time maintains privacy. Ledger Insights previously explored MonetaGo in depth.

Earlier 2018 MonetaGo launched its anti-fraud blockchain with three Indian trade finance networks that target micro and small businesses. A similar service will now be available to all Indian banks.

SWIFT India is a joint venture between the international SWIFT organisation and India’s main banks. It aims to address domestic banking needs. Hence the new pilot will integrate the anti-fraud blockchain with Indian banks using standard SWIFT financial messages.