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SWIFT offers 200,000 EUR for FinTech community to leverage gpi platform

First Published 21st June 2017

SWIFT invites FinTech companies to develop new overlay services that leverage its SWIFT global payments innovation (gpi) platform.

Wim Raymaekers, SWIFT

Wim Raymaekers, SWIFT

Brussels - SWIFT will provide funding of up to 200,000 EUR for the two winning FinTech finalists of an Industry Challenge. The FinTech winners will work with banks on collaborative innovation concepts that solve additional industry challenges in cross-border payments on top of SWIFT gpi.

SWIFT has launched the gpi Industry Challenge to encourage FinTech companies to build additional innovative overlay services leveraging the gpi platform, solving incremental challenges faced by corporate treasurers. These services can include, for example, 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.

Wim Raymaekers, Head of Banking Market and SWIFT gpi Programme Manager at SWIFT says: "Rather than develop solutions in silo, companies - banks and SWIFT included, should open APIs to an ecosystem of partners. There are many companies out there with good ideas. SWIFT gpi is a great innovation in itself; with this industry challenge we want to foster additional collaborative innovation, drawing the best talents and thinking to our table."

Five FinTech companies will be invited to a gpi Industry Challenge workshop in Singapore on 13-14 September 2017, where they will receive coaching from FinTech experts and be in direct contact with 30 gpi member banks. Two FinTech winners will be selected and receive up to 100,000 EUR each to further develop their concept over a three month period with banks and SWIFT, getting exposure to the financial industry, and be presented at Sibos in Toronto in October 2017.

For more information about the SWIFT gpi industry challenge or to apply to participate, please contact swiftforbank@swift.com or visit swift.com/gpi.