That is the maximum amount of funding SWIFT will give to the two winning fintech companies in its Industry Challenge. The winners will work with banks on collaborative innovations addressing cross-border payment challenges on top of SWIFT’s GPI.
GPI’s key features include improved business rules and a secure tracking database located in the cloud that is accessible via APIs. The results are faster same-day credits to end beneficiaries, fee transparency, and real-time, end-to-end payment tracking. A strategic roadmap allows senders to immediately stop payments and convey payment data.
SWIFT hopes the lure of €100,000 will entire fintechs to make it even better. In a release SWIFT said some examples are 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.
A SWIFT executive explained why they are opening up their APIs.
“Rather than develop solutions in silo, companies – banks and SWIFT included, should open APIs to an ecosystem of partners,” head of banking marketing SWIFT GPI program manager Wim Raymaekers said. “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 fintechs will be invited to a workshop in Singapore Sept. 13-14 to receive coaching from fintech experts and meet representatives from 30 member banks. Two winners will be selected and receive the money to develop their concept over three months, a period including their presentation at Sibos in Toronto this October.