Money & Banking

India’s first blockchain implementation goes live

Our Bureau New Delhi | Updated on April 03, 2018 Published on April 03, 2018

US-based MonetaGo tool to help curb frauds in bills discounting

Three trade receivable discounting systems (TReDS)—digital invoice discounting platforms—approved so far by the RBI have jointly implemented a blockchain solution, which is expected to help reduce frauds in bills discounting or receivable financing.

The platforms—RXIL, A.TReDS and M1xchange—had been set up to bring together buyers, sellers and financiers for discounting the MSME invoices and provide them with timely funding.

This is billed as India’s first live blockchain implementation in the enterprise financial segment.

US-based MonetaGo has designed and implemented the production solution.

Kalyan Basu, Managing Director & CEO, A.TReDs said: Our clients are particularly sensitive about their sourcing inputs, and we could not broadcast any of their private information to a shared network. This technology allows us to work with the other exchanges to achieve shared goals without sharing specific data”.

Kashinath Katakdhond, Managing Director & CEO, RXIL, said: “With the implementation of MonetaGo Blockchain solution we have a tool for mitigating systemic risk especially in trade receivable discounting”.

The MonetaGo blockchain solution had gone live on March 23 and so far 1,400 invoices have been processed on it.

srivats.kr@thehindu.co.in

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Published on April 03, 2018
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