Finastra, OBE, Railsbank and Yolt Technology Services (YTS) have partnered to launch the first appathon designed to propel open banking into the broader domain of open finance, according to thefintechtimes.com
Sponsored by Amazon Web Services (AWS) and Mastercard, the event gives start-ups and scale-ups a unique opportunity to launch market-ready solutions that will shape the future of API-based banking and commerce, by enabling new capabilities in related markets, such as savings, pensions, insurance and mortgages.
The Open Finance Appathon offers participants a unique chance to lead the pack of open finance solutions that are being developed across the globe. Using the range of APIs and sandboxes offered by Railsbank, YTS and Finastra (via its FusionFabric.cloud platform) participating fintechs will be able to develop, build and test their own solutions.
Eli Rosner, Chief Product and Technology Officer at Finastra said, “86% of banks are looking to adopt open APIs in the next 12 months, according to our recent research, meanwhile 45% admit that the cost and time associated with research and development are barriers to innovation. APIs, app stores and appathons like this one give fintechs an opportunity to integrate once with leading providers and find a new route to hundreds, if not thousands of banks.”
“We want every participating solution to go to market as a commercially viable service,” comments David Rhoades, SVP Global Head Marketing, Railsbank. “Our aim is to give these communities a shot in the arm, one that will take their proof of concept to the next level. We encourage anyone armed with a viable proposition to submit their entry.”
APPLICATIONS ARE NOW OPEN
The appathon is open to fintechs with a minimum viable product that they are looking to take to the next level. The call for submissions is open now and will close on 30 October.
Twelve applicants will be shortlisted from submissions who have integrated their solutions with Finastra, Railsbank or YTS APIs, with the final apps being judged by a panel of experts, including Chris Michael, Head of Technology at the Open Banking Implementation Entity (OBIE).
The 12 finalists will receive $5,000 worth of lifetime AWS Activate Credits*. Winners will be announced in November and awarded free API consumption up to the value of £5,000/$5000.
Visit the website to learn more about the appathon and submit an application.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
