SWIFT announces global gpi challenge winners
Written by Anthony Strzalek
SWIFT has announced that two FinTech startups will have the opportunity to work with the co-operative and gpi banks over a three-month period to further enhance cross-border payments, leveraging on SWIFT gpi.
The two startups will receive up to €100,000 each to further develop their innovative concepts and will participate in Sibos, SWIFT’s annual financial services event to be held in Toronto in October.
The two winners of the SWIFT gpi industry challenge are:
AccessPay – a cloud-based payments technology firm established five years ago. Based in the UK, their software sits between customers and their banks, allowing automation of their payment transactions more quickly and securely through a single platform.
Assembly Payments – a fully managed payments platform for online marketplaces and the sharing economy. Based in Australia, Assembly started four years ago with the mission of enabling people to create extraordinary customer experiences and unlock new business models with payments.
Over the course of two days, five startups participated in the industry challenge workshop with SWIFT and gpi banks to get their views on the challenges impacting cross border payments. The challenge also served as an avenue for them to brainstorm how FinTech companies could build additional innovative overlay services on top of the SWIFT gpi platform.
Some of the services discussed included improved corporate payments and cash management services, API integration into banks’ application processes, business intelligence to provide payments routing intelligence, and enhanced FX and hedging services.
Christian Sarafidis, chief marketing officer of SWIFT, said: “This challenge was designed by SWIFT to actively encourage collaborative innovation around SWIFT gpi, together with FinTech firms and banks. The outcome to this challenge has been phenomenal; we are co-creating innovative overlay services over SWIFT gpi rails for the benefit of the corporate treasurer and I congratulate all involved.
“We look forward to seeing AccessPay and Assembly Payments developing their proof-of-value over the coming months.”