ATLANTA, June 10, 2013 /PRNewswire-iReach/ -- P2P Cash is pleased to announce that we have been selected as a semi-finalist of the Innotribe Startup Challenge, honoring the company as a promising financial technology and financial services start-up. On June 13, 2013, P2P Cash will compete against 14 other start-ups at the Innotribe Challenge Showcase in New York to secure a place as a finalist for the $50,000 grand prize and continuous exposure to investors and financial institutions via the SWIFT global community.
P2P Cash has the opportunity to pitch its technological solution to a panel of the financial industry's leading angels, VC's and decision makers. Innotribe and the panel selected the 15 semi-finalists from hundreds of applications to enter the Challenge.
P2P Cash will present its universal value exchange (Currency Exchange Cloud or CEC), a cloud-based low-cost solution that allows banks to compete more competitively for a share of the $400 Billion money transfer marketplace. Our CEC exchange leverages SWIFT remittance standards to make mobile phone-to-mobile phone money transfer both highly secure and profitable, giving financial institutions the capability to more aggressively compete with established money transfer systems like Western Union or MoneyGram.
The winners of the Startup Challenge Showcase in New York will receive the opportunity to attend SIBOS in Dubai where they will compete for the $50,000 prize against other finalists from the London and Singapore Challenge Showcases.
Tom Meredith, CEO of P2P Cash, says that "competing in the Innotribe Challenge is a real opportunity for us to present a simple yet effective technology that can significantly lower the cost of money transfer around the world by fully utilizing mobile-based peer-to-peer solutions and efficiently connect the hundreds of mWallets available worldwide."
Matteo Rizzi, Co-founder of Innotribe, says "I'm delighted to announce P2P Cash as a semi-finalist and look forward to discovering more about the business. This year's semi-finalists have assessed the developments and trends in the region and have identified opportunities in the market. The entrants have each demonstrated a forward-thinking and innovative approach to the financial sector and have developed start-up businesses which could have profound impacts on the future of the industry. I'm extremely excited to give P2P Cash the opportunity to pitch its ideas to some of the top decision makers in the industry."
About P2P Cash
P2P Cash, Inc. is the developer and supplier of its patent-pending "Currency Exchange Cloud" or (CEC). CEC is a Web 2.0 distributed Services-Oriented Architecture (SOA) application enabling direct value transfers (e.g.; money, airtime minutes, award points) between disparate financial systems with integrated support for multi-tiered security, compliance requirements and mobile device convenience. P2P Cash is the first exchange service to enable execution of secure financial transactions between disparate incompatible systems.
- The Company's technology moves cash or any form of electronically-stored value between distinct financial systems in a secure and timely manner regardless of the location, underlying network architecture or the secured start/end point of the transfer.
- The Company's technology and services permit secure, timely and traceable international transactions across dissimilar banking systems and independent business operations.
The P2P Cash CEC provides secure transactions, value-added features beyond traditional money transfers and integrated safeguards against repudiation, money laundering and identity theft.
Launched in 2009, Innotribe is SWIFT's initiative to enable collaborative innovation in financial services. Innotribe presents an energising mix of education, new perspectives, collaboration, facilitation and incubation to professionals and entrepreneurs who are willing to drive change within their industry. It fosters creative thinking in financial services, through debating the options (at Innotribe events) and supporting the creation of innovative new solutions (through the Incubator, Startup Challenge and Proof of Concepts (POCs). It is through this approach, the Innotribe team at SWIFT is able to generate a platform that enables innovation across SWIFT and the financial community. For more information, please visit http://www.innotribe.com/.
For further information about the Innotribe Startup Challenge, please visit: http://innotribestartup.com/ or follow @innotribe on Twitter.
Kern Lewis P2P Cash, 5103298155, firstname.lastname@example.org
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SOURCE P2P Cash