Swift Invites Fintech Pioneers to Join AI-Based Cross-Border Innovation Challengeby Fintech News Singapore December 12, 2023
Swift has announced the launch of its first-ever “The Innovation Challenges” that invites participants to create AI-based solutions aimed at improving the efficiency and security of cross-border transactions. Registration is now open until 15 January 2024.
The challenge arises from a Swift study highlighting the growing demand for transparency and security in low-value cross-border payments, especially among small and medium-sized enterprises (SMEs). These factors are increasingly crucial for banks and financial institutions striving to maintain a competitive edge.
“The Innovation Challenges” will focus on harnessing the potential of artificial intelligence to streamline international financial transactions. The competition is divided into two primary areas.
The first challenge “Optimise” encourages participants to use Swift’s data points and APIs to devise AI solutions that enhance the efficiency of international payment processes. The goal is to make these transactions more economical, predictable, and transparent.
For the second challenge “Detect”, teams are tasked with using transactional data to develop AI tools capable of detecting criminal activities. The aim is to reduce fraud risk, improve compliance, and increase the accuracy and traceability of financial data.
According to Swift, participants will receive extensive technological support, resources, and expert consultations to help turn their ideas into reality.
They will be granted access to the Swift Challenge sandbox environment. This environment includes central communication for all challenge-related materials, access to datasets and APIs, an integrated environment for collaborative development, and a portal for submissions.
Each team, composed exclusively of individuals from the same company, should not exceed 10 members. It is mandatory that at least half of the team members are residents of a country within the Asia Pacific region.
This competition is open to a wide array of entities including fintechs, partners, financial institutions, and other ecosystem players, provided they fulfill the regional requirements specific to the Asia Pacific.
Companies have the opportunity to register their team for one or both of the available challenges. However, it’s important to note that each team is allowed to submit only one solution per challenge.
The submissions should include a prototype demonstration, which should not exceed five minutes, accompanied by a presentation and any relevant supporting materials.
Participants are encouraged to utilise the datasets made available by Swift and to incorporate publicly accessible data for their solutions for both problem statements.
Teams are not permitted to submit pre-existing solutions or products as part of their challenge submissions.
Interested parties can register and find more information about “The Innovation Challenge” on the Swift website.