Swift adopts buy and build approach for new compliance challenge

Swift adopts buy and build approach for new compliance challenge

Swift is working with its internal innovation unit Innotribe to scout for new compliance software and prototypes that could be used to complement its global KYC Registry service.

The project is the first fruits of Swift's 'Industry Challenge' initiative, which extends the remit of the Innotribe team to work closely with member banks, vendors and fintech startups to identify key business areas that could benefit from collaborative innovation.

For the compliance challenge, the banking co-operative is to hold two separate events in London in July.

A one-day Marketplace challenge on 4 July 2016 will invite established vendors to pitch prototypes and proofs of concept that could be developed and acquired by Swift, or marketed by the vendor itself through The KYC Registry marketplace.

Participants will get direct contact with Swift’s compliance services management team and major banks, as well as the potential to reach more than 7000 correspondent banking members.

A two-day New Product Development challenge on 6-7 July 2016 will give early-stage startups with strong technology or beta products an opportunity to pitch and fine-tune their ideas through a collaborative workshop with Swift staffers and banking partners.

At the end of the two days, up to three startups will be selected for a three-month engagement period to further develop their concept.

Swift has set aside $100,000 in funding to help kickstart projects that make it through the selection process.

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