New York-based MonetaGo, a software company providing blockchain solutions to financial institutions and central banks, has successfully demonstrated how blockchain can be connected with current payment protocols using the NPCI’s current Immediate Payments Service (IMPS). The Indian authorities and banks were able to successfully analyze the workflow, authentication, connectivity, performance baseline, and security of the blockchain implementation.
MonetaGo developed the network by leveraging its Enhanced Information Payments System and proprietary software toolkit on the open source Hyperledger Fabric platform. This use of the technology is hoped to lead to its eventual use throughout the Indian banking system. The research process was sponsored by Indian banking authorities, including the Reserve Bank of India’s research arm, the Institute for Development and Research in Banking Technology (IDRBT), National Payments Corporation of India (NPCI), and included participation from some of the country’s leading banks.