FinTech Australia is sharing that two of their members have been selected to participate in the Swift global FinTech challenge at LATTICE80 on 13 and 14 September 2017. This past June, SWIFT offered Fintech companies from around the world to develop new overlay services that leverage its SWIFT global payments innovation (gpi) platform. SWIFT said it will provide funding of up to €200,000 for the two winning Fintech finalists .
FinTech Australia members Assembly Payments and CurrencyVue have been selected to take part in the SWIFT gpi Industry Challenge. As part of this challenge, the two established financial technology companies will work with 30 banks to develop new services for SWIFT’s more than 11,000 financial institution members across 200 countries.
Two winners will emerge from the Singapore event and will be featured at Sibos – SWIFT’s global flagship event – at Toronto in October this year.
SWIFT gpi is being promoted as the largest change in cross-border payments over the last 30 years, including offering same day credit to end beneficiaries, end to end real-time status tracking and transparency on fees and exchange rates.
“We’re really pleased to see that Australian payments fintechs have been selected to play a key role on the world stage developing new innovative solutions for many banks around the globe,” said Danielle Szetho, FinTech Australia CEO. “The selection of Assembly Payments and CurrencyVue for this event reflects the growing leadership of the Australian fintech payments industry, particularly in cross-border payments. For instance, a research report by KPMG and the Committee for Sydney released in July found that payments was one of three areas seen by industry leaders where Australia has the potential to lead the world.”
CurrencyVue CEO Matthew Tyrrell said his team was very excited to participate in Swift’s gpi challenge.
“Our vision is all about removing the friction in international payments and FX hedging so we see our capabilities being very much aligned to the Swift gpi value proposition. Getting our solution in front of decision makers at 30 of the largest global banks is obviously a great opportunity for our business.”
Assembly Payments CEO, Simon Lee added;
“There is a massive upheaval in the global banking environment and it’s encouraging that major institutions are looking to the fintech community to help solve their problems. We look forward to combining with others from across the world to improve the experience of making international payments.”
The Scaling the FinTech Opportunity for Sydney and Australia report by KPMG and the Committee for Sydney found that Australia had 128 payments and digital currency companies – more than any other Fintech sub-sector. The next highest category was lending (80 companies) and wealthtech (77 companies).
The report said that Australian startups are targeting the payments area because “Australian consumers are early adopters of mobile technology, with very high usage of contactless payments…coupled with the advanced nature of digital/mobile offerings from established banks and payments providers.”
Eddie Haddad, Managing Director of SWIFT Asia Pacific, said that SWIFT gpi has been met with much early success and promise with the banks seeing 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.”