MonetaGo switches to R3's Corda to avoid scaling issues

Software development firm MonetaGo has announced it is moving its blockchain-based fraud mitigation platform from Hyperledger Fabric to R3’s Corda due to possible scalability issues, Global Trade Review writes.

“Where you’ve got multiple different entities and you need to do one-to-many permutations, testing between the two different protocols has shown right now that at least for the foreseeable future it is Corda which is best suited for this,” said Jesse Chenard, MonetaGo CEO.

MonetaGo equips banks with a solution to reduce fraud in receivables financing. It provides them with a means to check whether invoices have been financed. Swift India partnered up with MonetaGo to start a pilot programme for Indian banks in November. The move to Corda, however, will facilitate deployment to Latin America, claimed Chenard, as “the regulators themselves have been potentially looking at adopting this system and Corda has a good architecture for that.”