18 August 2017
Find out more

Sibos Innotribe Labs take centre stage

28 October 2010  |  14763 views  |  0 Sibos sign 2010

A business that aims to create a complete view of a bank's financial health by using recycled financial messages is the favourite to win the Innotribe Lab pitching contest held at Sibos, the annual conference held by financial messaging body Swift.

Innovation has been a much trumpeted theme at the event and as part of its Innotribe session, which debuted at last year's event in Hong Kong, delegates are encouraged to work in teams to produce a new business which could be launched in conjunction with Swift.

The interactive workshop then culminates in a showdown reminiscent of the Dragon's Den television series where six teams pitch their ideas before a jury of both venture capitalists and banking executives in the hope of securing start-up capital.

The most well-received idea was the recycled Swift messages-based concept Moneyscope. The pitch received unanimous support from the venture capitalists and some measured approval from the industry panel, although questions were raised as to how possible it will be to gather all the necessary data to construct a true picture of financial health from Swift messages alone.

Moneyscope faces competition from five rival concepts. Mobile Payments Arena aims to bridge the gap between developers and banks by creating a trusted domain for the development of mobile banking applications. Always On involves a core banking platform that can be launched by non-banking franchises such as Manchester United football club to replace the current affinity card offers that banks provide.

Connexio is a consumer cloud based on Swift services that claims to remove the redundancy of "endlessly repeated processes" such as the regular Swift upgrades undertaken by banks. Smart Answer was described as a Wikipedia for banks which will provide expert advice at a premium price. The final pitch came from Mobilito, a mobile-based single currency which hopes to offer merchants a cheaper payment method than credit cards.

The winning pitch is set to be announced at the closing session of Sibos later today. The successful concept will hope for a more auspicious beginning than last year's winning idea, a digital lockbox called eMe, which was abandoned earlier this year.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Sibos kicks off with call for innovation

Sibos kicks off with call for innovation

25 October 2010  |  10406 views  |  0 comments
Swift to host start-up contest at Sibos

Swift to host start-up contest at Sibos

08 October 2010  |  10585 views  |  0 comments
Open ID pitch wins Swift's innovation competition

Open ID pitch wins Swift's innovation competition

17 September 2009  |  13847 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.worldpaymentsreport.comdownload the paper now

Top topics

Most viewed Most shared
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7141 views comments | 18 tweets | 22 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
7017 views comments | 21 tweets | 22 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
5893 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5715 views comments | 11 tweets | 9 linkedin
hands typing furiouslyA Bitcoin and Blockchain payment system
5528 views 0 | 6 tweets | 2 linkedin

Featured job

Find your next job