Swift GPI industry challenge brings 30 banks and FinTechs from around the world to work on a combined industry challenge
Singapore, 6 September 2017 – Swift will be hosting a global FinTech challenge at LATTICE80 on 13 and 14 September 2017. Swift GPI Industry Challenge is a 2 day workshop with 5 start-ups, 30 banks, and a chance to compete proof-of-concepts for 200,000 EUR. During the span of the workshop, the banks will work with FinTechs to develop new services for Swift’s 11,000+ members, leveraging its Swift GPI service. The 5 selected start-ups are AccessPay, Assembly Payments, Backrail, Biotos and CurrencyVue. Two winners will emerge and will be featured at Sibos – Swift’s global flagship event – at Toronto in October this year.
Swift GPI has prompted the largest change in cross-border payments over the last 30 years. Swift GPI is providing an effective solution to the inherent process challenges in correspondent banking today resulting in slow payments, lack of transparency on fees, exchange rates or timing of final credit to beneficiary. Today gpi banks can offer their customers same day credit to end beneficiaries, end to end real-time status tracking, transparency on fees & exchange rates, and confirmations of credit to the end beneficiary. This is being achieved in various forms, including by tagging each payment with a Unique End to end Tracking Reference (UETR) number and opening APIs to access the generated real-time tracking data in the cloud. Swift GPI is also testing new technologies, such as Distributed Ledger Technology (DLT) for real time reconciliations between a bank's Nostro accounts.
Eddie Haddad, Managing Director of Swift Asia Pacific said, “Swift GPI has been met with so much early success and promise, the banks now see the initiative as a primary platform to innovate on. Consequently, Swift is organising this global industry challenge to showcase cutting edge FinTechs working with the world’s most progressive banks to develop new services. I expect the challenge will help solve real world problems because Swift GPI banks and FinTechs will be co-creating overlay services over the gpi rails by using its unique features to enable different use cases in cross-border payments.”
Swift GPI has been met with so much early success and promise, the banks now see the initiative as a primary platform to innovate on.
Joe Seunghyun Cho, Founding CEO of LATTICE80 said, “As a not-for-profit FinTech hub, it is our passion to build a FinTech ecosystem in Singapore with the rest of the world. The Swift GPI Industry Challenge is the first of its kind in the cross-border payments space, and I am looking forward to seeing use cases in the areas of invoice presentment and reconciliation, exchange of supply chain documentation, exchange and interactive enquiry of account and processing conditions to improve straight through processing, digitisation and corporate process optimisation, transaction information to support compliance and sanctions screening and building customer experience journeys for corporates, etc.”
Atul Bhuchar, Group Payments Product Head, Global Transaction Services, DBS Bank said “Innovation is deeply embedded in our DNA, and we want to continue to create simple, digital, frictionless payments solutions and transaction banking services for our customers. As one of the first few banks globally to adopt Swift GPI for corporate cross-border payments, we are very pleased to be a part of Swift’s Industry Challenge and to be working with emerging FinTechs as we continue on our journey to shape the future of banking.”
Pranav Seth, Head of E-Business, Business Transformation and Fintech and Innovation Group, OCBC Bank said: "OCBC has successfully driven innovations and collaborations with FinTechs, and we are excited to work with Swift on this innovation challenge. OCBC has also led many innovations in the payments space - we led DLT-based domestic and international payments in South East Asia, and are a key contributor to the Singapore coin initiative. We have multiple experiments running on optimising letters of credit, as well as creating superior industry-wide KYC solutions. We hope this challenge will help us create industry solutions and solve many more related international payments issues."
Shirish Wadivkar, Managing Director & Global Head – Correspondent Banking Products, Standard Chartered Bank said: “Collaborative innovation in the banking community fuels the success of Swift GPI and its wide adoption as a norm for payments across the world. We are very excited to participate in the Swift GPI Industry Challenge to further the spirit of collaboration with the FinTech community. Looking forward to co-create innovative solutions to today’s real issues and hence drive the next phase of Swift GPI and payments transformation.”
About Industry Challenge
Formed in 2016, the Industry Challenge programme was developed by Innotribe to bring together Swift Member Institutions, FinTech companies and Swift internal teams to address the obstacles and opportunities facing the industry. The idea behind the programme is to identify and validate emerging, utility-based solutions to problems faced by Swift’s member organisations. The programme then brings together an integral mix of experts, stakeholders and innovators to explore new solutions and develop proof of concepts together. Innotribe’s objective is for this highly collaborative process to reveal solutions that are original, scalable and ready for immediate piloting.
About LATTICE80
LATTICE80 is the world’s largest Fintech Hub, located in Singapore. LATTICE80 prides itself on creating an ecosystem for fintech startups to collaborate, connect and co-create. The mission of the independent not for profit hub is to offer Fintech companies the opportunity to tap on the rich network and resources to develop smart technologies and springboard to international success. It boasts an impressive technological infrastructure that corporate members can leverage & lay a foundation to create a truly unique world-class community.
About Swift
Swift is a global member owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While Swift does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world. As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. Swift also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern. Headquartered in Belgium, Swift’s international governance and oversight reinforces the neutral, global character of its cooperative structure. Swift’s global office network ensures an active presence in all the major financial centres.
For more information, visit www.swift.com or follow us on Twitter: @swiftcommunity and LinkedIn: Swift.
Contacts:
Jaime Lee
jaime.lee@swift.com
+65 6347 8000
