Financial messaging services provider SWIFT has launched a competition targeted at university students.
The ‘SWIFT Institute Challenge 2016’ asks students to address a real world challenge faced by remittance senders, receivers and their banks, and is open to any UK-based recognised university, or centre of learning, with an interest in banking.
The Challenge will focus on remittances sent via banks operating in the UK market. Applicants will be asked to identify a solution that would enable a bank’s customer to send money cross-border, via their own bank, to an individual in a country where there is little or no banking infrastructure.
Applicants must submit a written report of 10,000 words maximum, to be judged by financial industry practitioners.
“Bank remittances are a rapidly growing business impacting millions of people around the world” says Gottfried Leibbrandt, SWIFT’s chief executive officer (CEO).
“Remittances create a positive spill over from the sending to the receiving country, and can provide stable growth for developing nations. We look forward to tapping into the university ecosystem and exploring the positive and practical implications of new concepts and process innovation.”
Applications are now open until February 29 and the top 10 applicants for the SWIFT Institute Challenge 2016 will be invited to give a 10-minute pitch at the SWIFT Business Forum London, to be held at Tobacco Dock on April 20.
The winning applicant will be determined at the Business Forum and awarded a cash prize as well an opportunity to participate at Sibos 2016 in Geneva.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Technology will drive the innovation in banking: Damian Richardson, head of payments strategy & innovation at NatWest
At this year's Sibos conference in Toronto, digital finance reporter, Alara Basul, sat down with Damian Richardson, head of payments strategy and innovation at NatWest to discuss how technology is driving innovation in banking.
#PSD2FinishLine recently started trending on Twitter. As the country slowly grows in excitement throughout the month of November, with the C-word on ... read more