PAYFORWARD Accelerator projects will boost SIBS’ Open Banking API

Three startups were selected in the PAYFORWARD Accelerator bootcamp, which took place between February 26th and March 2nd. These startups – Coinscrap, GoFact, and Sstrategy – are now entering the 10-week acceleration phase of the Program, where they will be able to test their solutions in alignment with the Open Banking API platform being developed by SIBS for the national ecosystem.

In addition, SIBS will also analyze collaboration models, both nationally and internationally, with four other startups, which projects are aligned with SIBS strategy in parallel to the initiatives under the PSD2.

This selection was the result of an intense workweek where the 11 participant startups developed their knowledge of the company’s services portfolio and adjusted their solutions and business models to SIBS.

The seven startups now selected come from five countries – Portugal, Spain, Slovakia, India and Austria, composed by 6 elements per team and with an average age of 4 years.

PAYFORWARD Accelerator’s 2nd edition goes now into the final stage, with the “Demo Days”, taking place on May 24th and 25th. In this final moment, the products and services developed in partnership with SIBS will be presented and will be able to integrate the largest ecosystem of Open Banking in Portugal, a new SIBS service to answer the challenges resulting from PSD2.

“For the second consecutive year of PAYFORWARD Accelerator we have met some very interesting ideas with solutions and projects that can really make a difference in the fintech market. We therefore congratulate all the startups who have reached this stage and who have shown an excellent development throughout the demanding selection stages,” says Maria Antónia Saldanha, Brand and Communication Director of SIBS and Director of SIBS PAYFORWARD program. “To the startups selected for the next phase of acceleration, SIBS is challenging them to develop pilots and proofs of concept that prove their capabilities as entities that can contribute to the revitalization of the new Open Banking API platform, which will boost the initiatives around the PSD2.”
The final goal of the second edition of PAYFORWARD Accelerator is to make an integration with SIBS, which can be materialized in the establishment of commercial agreements, partnerships to approach the market or even investment by SIBS in the capital of the selected entity.

In this second edition, the accelerator of SIBS PAYFORWARD received more than 100 applications from startups from 20 countries, a proof of the international character of the project and the interest of startups from the most diverse areas of activity to be part of the first acceleration program in the area of payments and fintech in Portugal.

More information about the Program: