March 2, 2021
TranSwap, a fintech company which empowers global business growth by simplifying global payments and collections, has officially launched a new global Research and Development (R&D) centre at the University of Edinburgh in Scotland, UK. Located at Bayes Centre, the global R&D centre aims to drive technology and market-led innovation in cross-border financial solutions, enabling TranSwap to sustain and strengthen its capabilities in fintech as well as deepen its expertise in AI-driven payment solutions. This global R&D centre follows the launch of TranSwap’s new office in the UK.
Leveraging on the expertise of Bayes Centre, the School of Informatics and the Business School, the partnership between TranSwap and the University of Edinburgh brings together world-leading data science and artificial intelligence teams, industry experts, and innovation support professionals in the fields of computation, information and cognition. R&D and product innovation at Bayes Centre will focus on state-of-the-art methodologies in the areas of speech recognition, Natural Language Processing (NLP), 5G, blockchain, data analytics and machine learning – accelerating TranSwap’s capabilities to deliver a simplified and streamlined cross-border payment and collection experience. In addition, the partnership will also help develop research talents and create new jobs at the Bayes Centre.
“Today’s cross-border payments industry is at the centre of fintech innovation which has radically shaped competitive dynamics globally. New business models resulting from emerging technologies, digital transformation of payment methods and development through tech-enabled innovation are continuously disrupting cross-border payments, by optimising and automating the transaction process. Partnering with the University of Edinburgh to transform our current digital cross-border payments platform, will allow us to tap into emerging technologies such as NLP and 5G to speed up cross-border payments, sharpen our competitive edge and maximise profitability through enhanced fraud detection system, sentiment and risk analysis. TranSwap aims to become a cross-border payments, collections and financial solutions provider that serves as a touchstone for financial innovation in major global financial centres. Such innovations can unlock opportunities to drive consistency and provide a seamless cross-border payment experience,” said Mr. Sanjay Rakshit, Head of Products and R&D of TranSwap.
Mr. Grant McKenzie, Director & UK Country Head of TranSwap, added, “TranSwap’s R&D partnership with the University underlines our commitment to drive innovation in the payments industry. The University’s research expertise, along with our design approach in our system architecture, platform development and interfaces, will help ensure a seamless user experience through our platform.”
Commenting on the partnership with TranSwap, Prof Gbenga Ibikunle, Director for Fintech at the University of Edinburgh’s Edinburgh Futures Institute, said, “It is important for us to establish collaborative, research-driven and innovative partnerships with fintech companies that put consumer value at the heart of their proposition. We are excited that our collaboration with TranSwap brings world-leading research expertise here at the University of Edinburgh together with TranSwap’s innovative approach to addressing challenges linked with cross-border payments to unlock value.”
Dr. Tiejun Ma, the Business Informatics Theme leader within Bayes Centre and University of Edinburgh, highlighted, “We are glad to facilitate fintech and AI related collaboration with TranSwap’s global R&D division. The School of Informatics and University of Edinburgh has world-class reputation with academic of excellence in fintech and AI research.”
Craig Skeldon, Business Development Executive of The Bayes Centre, expressed, "The Bayes Centre is delighted that TranSwap has chosen Edinburgh as part of their global R&D expansion. As the University of Edinburgh's representative innovation hub for Data Science & AI, we look forward to supporting the development of next-generation cutting-edge financial services solutions delivered by TranSwap."