The Society for Worldwide Interbank Financial Telecommunication's initiative for collaborative innovation, Innotribe, has kicked off Innotribe Startup 2013, a yearlong competition that seeks companies that want to transform the financial services industry.

The contest is open to startups and growth-stage companies established within the last three years that aim to provide innovative offerings to the financial services industry. To participate startups must have a working prototype and less than $1 million in revenue or investment, while growth-stage companies must debut products that have yet to be publicly announced.

Innotribe will showcase contest entrants at events to take place in London in April, Singapore in May and New York in June. At each event industry professional judges will pick five finalists that will then present their offerings at Sibos, Swift's annual conference.

PlayMoolah, an online game to foster financial literacy, took home the Innotribe startup crown at Sibos in 2012.

Swift is based in Brussels and owned by member banks.