Industry SectorsFinancial ServicesSWIFT takes innovation challenge to campus

SWIFT takes innovation challenge to campus

The SWIFT Institute Challenge will ask students at British universities to contribute new ideas to banking and financial services.

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.

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