SWIFT innovation competition selects the most promising startup businesses to compete in the final at Sibos
Following up its first place showing at SWIFT’s Innotribe Startup Challenge Regional Showcase in Singapore last April, Pendo Systems, is off to compete for the title of global “Top Innovator” at SIBOS in Osaka, Japan.
Pendo Systems won the title of “Top Innovator” for innovation in investment accounting and transactional data management with BasisPoint® - the enabling infrastructure for the modern era of global financial services. As “Top Innovator” for the Asia showcase, Pendo is now on their way to Osaka Japan to complete at the Innotribe Startup Challenge finals to be held at SIBOS on November 1st.
Following the exciting win in Singapore, Pendo quickly announced the adoption of BasisPoint by L&T Financial Services Technologies Inc. L&T selected BasisPoint to enhance and compliment Unitrax, their core Transfer Agency Record Keeping platform to provide fund accounting to the Canadian marketplace. “The depth of this platform for cross-vertical fund accounting and global transparency is increasing our footprint within Canada and part of our Cloud Computing Strategy for the financial services industry” stated Mark Hubbard, Head - L&T Financial Services Technologies Inc. “We have a sizable market share in Canada but many of our clients are multi-national. BasisPoint is providing us the ability to transition the legacy market and expand our presence as the leader in Canada for the financial life cycle of could-based fund accounting and reporting”.
After winning in the semi-finals, Pamela Pecs Cytron CEO, Pendo Systems said “Far too often, those considered 'too big to fail' view us as 'too small to succeed'. That is not only unfair, it's wrong. I am confident that receiving this honour from SWIFT – one of the most respected names in the industry – will help change that perception.” Ask Ms. Pecs Cytron now what Innotribe’s recognition has done for her small company in a few short months? “The recognition generated global interest and certainly is a game changer for us. L&T InfoTech is a great example. Issues exposed by the “London Whale” and similar scenarios repeating themselves during the short time since our win, make it clear the lack of transparency in the financial services industry must be addressed with future-state technology.” She states “You can’t catch a whale with fishing pole so we encourage you to come and see how we can keep you out of the headlines with our future-state solution”
Kosta Peric, Head of Innovation at SWIFT and Co-Founder of Innotribe says: “The scope and breadth of the subjects in the 2012 Innotribe Startup Challenge has gone into innovative ways to look into regulation and transparency, which has been a pleasant surprise. Pendo Systems can be proud of what they have achieved so far - it’s a tribute to the Startup Challenges, which I feel are becoming a cornerstone of innovation in the financial industry. I look forward to welcoming Pamela and Pendo Systems to Sibos Osaka, in what promises to be an excellent event and a great end to the 2012 startup program!”