Payments fintech TranSwap has launched a new global research and development (R&D) centre at the University of Edinburgh.
Located within the Bayes Centre, it aims to drive market-led innovation in cross-border financial solutions, helping the firm strengthen its current capabilities and deepen its expertise in artificial intelligence-driven payment solutions.
The Singaporean business first announced plans for its maiden UK office in Edinburgh at the start of February.
Product innovation at the Bayes Centre will focus on methodologies in the areas of speech recognition, natural language processing (NLP), 5G, blockchain, data analytics and machine learning – accelerating TranSwap’s cross-border payment and collection services.
Sanjay Rakshit, head of products and R&D at TranSwap, said: “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.
“Such innovations can unlock opportunities to drive consistency and provide a seamless cross-border payment experience.”
Professor 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.”
Craig Skeldon, business development executive of The Bayes Centre, added: “As the University of Edinburgh’s representative innovation hub for data science and AI, we look forward to supporting the development of next-generation cutting-edge financial services solutions delivered by TranSwap.”
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