The SWIFT Institute announces the launch of a new competition targeted at university students. The SWIFT Institute Challenge 2016 asks students to address a real world challenge being 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 2016 SWIFT Institute Challenge will focus on remittances sent via banks operating in the UK market. Each applicant will be required 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 no more than 10,000 words and will be judged by financial industry practitioners.

“Bank remittances are a rapidly growing business impacting millions of people around the world” says Gottfried Leibbrandt, CEO, SWIFT. “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.”

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 on 20 April 2016. 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.

“As the world’s leading global financial centre, the UK is playing a major role in the evolution of the global financial services industry,” says Harriett Baldwin, Economic Secretary to HM Treasury. “The UK’s vibrant financial services sector and its growing reputation as a hub for financial technology and innovation make it the perfect choice for the inaugural SWIFT Institute Challenge. Through this programme, SWIFT is bridging the gap between financial practitioners, academia and the student community, helping to identify new ways to make banking and financial services more efficient and effective in serving the evolving needs of UK customers.”

Applications to the 2016 SWIFT Institute Challenge are now open until 29 February 2016. The successful applicants will be announced in early April 2016 with the final presentations taking place on 20 April 2016 at SWIFT’s Business Forum London. Applicants will be judged on the innovative attributes of their solutions, and their practical application to the banking sector and its customers. The SWIFT Institute will support each of the ten finalists with a presentation coaching and mentoring workshop ahead of the showcase.

Following the 2016 showcase, the SWIFT Institute will review and identify additional industry challenges and markets to target for future competitions.