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InnoCentive Selects Transpay to Award Payments to Global Solver Network

Transpay, a cross-border payments platform that offers the world’s largest, independent direct-to-bank payment network, today announced it is powering the domestic and international payments processing for InnoCentive Inc., the global leader in crowdsourced innovation and software platforms.

With a global network of more than 365,000 problem “Solvers,” InnoCentive crowdsources from some of the world’s best minds, who compete to provide innovative ideas and solutions to business, social, policy and scientific challenges. Transpay will streamline payouts to InnoCentive’s winning Solvers, with award values ranging from $5,000 to more than $1 million.

“As solvers are being recognized for their solutions to challenging initiatives, Transpay is helping to simplify their payment experience,” says Nagarajan Rao, SVP of Transpay. “We are rapidly and securely delivering monetary awards into Solvers’ banks and currencies of choice.”

Richard G. Barletta, VP Finance of InnoCentive, says, “As our solver network continues to grow around the globe, Transpay’s cross-border capabilities are helping to ensure we’re providing our Solvers with the most convenient and cost-effective payment options.”

Regulated and licensed as a payments institution in 120+ countries, Transpay is a Fintech leader that provides companies with a secure and compliant process to ensure safe money movements.

To learn more about how Transpay is enabling secure and cost-effective cross-border payments for business, visit transpay.global.

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About Transpay

Transpay, headquartered in New York City, is a B2B/B2P cross-border payments platform with the world’s largest, independent payment network worldwide. The company’s platform uses robust end-to-end technology to enable instant transfers across our global proprietary network. Funds are delivered in local currency either to a recipient’s bank account or a preferred cash pick-up location. Transpay is backed by GCP Capital Partners, a $1.8 billion private equity fund led by top investors in the payments industry.

Transpay makes the complex global payments landscape user-friendly with secure, fully compliant, easy-to-use solutions.  For more information, visit https://www.transpay.global/ or call 212-994-0345.

About InnoCentive

InnoCentive crowdsources innovation solutions from the world’s best minds , who compete to provide ideas and solutions to important business, social policy scientific challenges.  Our  global network of 365,000 problem “Solvers”, coupled with our Challenge Driven InnovationTM methodology  and cloud based innovation management platform, we help companies transform their economics of innovation through rapid solution delivery and the development of sustainable open innovation programs.  For over 10 years, leading companies such as AstraZeneca, Eli Lilly & Company, Ford, Thomson Reuters, NASA and several government agencies in the U.S. and Europe have partnered with InnoCentive.