AccessPay & Assembly Payments have been declared winners of the the SWIFT gpi industry challenge held today in Singapore, getting 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 took home 100,000 EUR each and will participate in Sibos, SWIFT’s annual financial services event to be held in Toronto in October.
“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,” adds Christian Sarafidis, Chief Marketing Officer, SWIFT.
”We are delighted to have been chosen as a winner of this challenge and look forward to the opportunity to showcase our ideas at Sibos,” says Anish Kapoor, CEO at AccessPay.
Simon Jones, CTO & Co-founder, at Assembly Payments adds, “We are really excited about winning this challenge; the exposure we will receive will be invaluable to our business. We look forward to presenting our concept at Sibos and beyond.
SWIFT gpi is the new standard for cross-border payments, and combines real-time payments tracking with the certainty of same-day settlement. Since it became available in January 2017, 20 global transaction banks have come onboard, exchanging tens of thousands of gpi messages over SWIFT every day.
AccessPay is a specialist in cloud-based payments technology who has championed the evolution of payments and finance since its establishment five years ago. Based in the U.K., their software sits between customers and their banks, allowing automation of their payment transactions more quickly and securely through a single platform.
Assembly Payments is 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.
The challenge 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.