Innotribe calls on FinTech startups to leverage the SWIFTgpi platform
Join the SWIFTgpi Industry Challenge: a 2 day workshop, 5 startups, 30 banks, and a chance to complete proof-of-concepts for 200,000 EUR
As recently announced, SWIFT Innotribe is currently soliciting applications from qualified FinTech startups to participate in an Industry Challenge workshop looking at further enhancing the cross-border payments experience.
The workshop will be held from 13 to 14 September 2017 in Singapore and will be preceded by a preparation day on 12 September. During those three days, five FinTech startups (selected among all applications received) will work together with representatives from 30 SWIFTgpi member banks to envision and propose overlay services leveraging SWIFT’s global payments innovation (SWIFTgpi) platform and solving incremental challenges faced by corporate treasurers.
At the end of the workshop, a jury will select the two best proposals and offer to the winning startups up to 100,000 EUR each (for a total amount of 200,000 EUR) to complete a three month proof-of-concept project. This will allow them to further develop their proposal in collaboration with SWIFT and participating banks.
SWIFTgpi has driven the largest change in cross-border payments over the last 30 years, engaging the global banking industry to solve core problems related to speed, transparency and traceability of cross-border payments. Since its go live in January 2017, the new service has dramatically improved the cross-border payments experience for corporate treasurers. Key features of the gpi service include enhanced business rules and a secure payment tracker in the cloud accessible via APIs, resulting in faster “same day” payments to end beneficiaries, transparency of fees, and end-to-end tracking of payments in real-time. The strategic gpi roadmap includes the design of a service to immediately stop and recall a cross-border payment and other value-adding services such as a service to convey rich payment data. SWIFTgpi is also exploring new technologies by running a proof-of-concept using distributed ledger technology to reconcile banks’ nostro accounts in real-time.
The collaboration between banks, decision makers and startups is essential to design and build additional and innovative overlay services to the gpi platform. These services can consist of an enhanced invoice presentment and reconciliation to facilitate financial supply chains, exchange of supply chain documentation to improve global trade, exchange and interactive enquiry of account and processing conditions to improve end-to-end straight through processing, and providing additional party and transaction information to support compliance and sanctions screening of cross-border payments.
To help develop these services, SWIFT Innotribe is looking for mature FinTechs active in the B2B and B2B2C space with capabilities and experience in one or more of the following areas:
- Corporate services (treasury, cash management, access to banks, ...)
- Payments or Collections (domestic, cross-border, ...)
- Financial crime compliance
- Trade and supply chain
- Straight Through Processing
- Business intelligence
Winning companies will also be invited to Sibos, the world’s premier financial services conference attracting over 8,000 delegates from across the globe, to present their proof-of-concept. This year, Sibos will take place from 16-19 October 2017 in Toronto, Canada.
Please submit your applications to participate in the SWIFTgpi Industry Challenge here. For more information, or if you have any questions, please contact Tanguy Rademakers, Innotribe’s Industry Challenge Project Lead.