Sanjay Rakshit

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.

Sanjay Rakshit, head of products and R&D of TranSwap, said: “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.”

Prof Gbenga Ibikunle, director for Fintech at the University of Edinburgh’s Edinburgh Futures Institute, added: “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.”