The fintech startups will receive up to US$120,000 to further develop their product

SWIFT, the company behind the world’s most important financial transaction system, announced yesterday in Singapore the two winners of its global fintech competition.

As a reward, the startups will receive up to €100,000 (US$120,000) to develop their product and will be invited to Sibos, a major financial industry conference in Toronto.

The winners were AccessPay and Assembly Payments. Here is a quick breakdown of the companies.

AccessPay

This startup is a cloud-based payments platform that has built a software that “sits between the customers and their banks”. The idea is to upload financials like payroll and accounts payable with a few clicks. One neat feature is the account holder can build a hierarchy payment access, allowing for convenient delegation of payment responsibilities across a team.

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The company is based in the UK and has been around for about five years.

Assembly Payments

Based in Australia, Assembly Payments is an online payments platform targetting marketplaces (and the sharing economy). Not only does it have a system to accept customer purchases (marketplace model), it also lets business owners pay its ‘customers’ (sharing economy).

It has built a full-suite of features and says it wants to help people discover new business models via payments.

““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,” said Simon Jones, the Co-founder and CTO of Assembly Payments in a statement.

The other three startups that participated are as follows:

• Backrail: A Canadian company brining AI technology to the compliance and anti-money laundering sector.

• Biotos: A Belgium company that consults and builds applications to help level-up the technology of financial services clients.

• CurrencyVue: An Australian risk management platform for companies working in the FX markets.

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A major part of the competition was the SWIFT gpi (global payment innovation) product. It facilitates cross-border transactions with tracking capabilities and a promise of same day settlement.

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Copyright: aimage / 123RF Stock Photo

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