AccessPay and Assembly Payments have won financial services cooperative SWIFT global gpi industry challenge.
For winning, both companies will leverage on SWIFT gpi and work with the co-operative and gpi banks for a three-month period to help enhance cross-border payments. The companies will also participate in SWIFT annual financial services event Sibos and receive up to ?100,000 to help with innovative development.
AccessPay is a cloud-based payments provider which uses technology to automate payment transactions quicker and through a single platform. Offerings from the company include solutions for accounts payable and payroll, direct debit, same day payments and Bacs approved Bureau solutions.
Australia-based Assembly Payments is a managed payments platform for online marketplaces and the sharing economy. Through the platform users can accept payments from customers, disburse payments to customers and manage payments between customers.
Across the two-day event, five startups took part in a workshop with SWIFT and gpi banks to discuss opinions on challenges facing cross border payments. Some of the services talked about include 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.
SWIFT CMO Christian Sarafidis said, ?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.p>
The event had support of representatives from 30 gpi banks from across the globe.
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