SWIFT is offering fintech companies up to €200,000 to develop cross-border payments services based on its SWIFT GPI platform. The funding will be awarded to two finalists in SWIFT's Industry Challenge, which aims to encourage companies to develop overlay services for the GPI platform. The fintechs will work with banks on collaborative concepts to improve processes such as invoice presentment, supply chain documentation and data reporting for compliance.

SWIFT GPI was launched in January this year and is expected to improve cross-border payments, in what SWIFT itself calls “the largest change in cross-border payments over the last 30 years”. The initiative promotes transparent banking fees, end-to-end payments tracking through APIs and faster same-day credits for beneficiaries.

The two winning fintech companies will be chosen from five that will be invited to the GPI Industry Challenge workshop in Singapore on 13-14 September 2017. Each winner will receive up to €100,000 each.

SWIFT's Wim Raymaekers 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.”

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CTMfile take: This shows SWIFT is keen to identify new applications and solutions based on its global payments initiative. Hopefully this will live up to the promises and provide faster, transparent, easier cross-border payments for all corporates.