86% of banks are looking to adopt open APIs in the next 12 months. Start-ups are invited to launch open finance solutions in a new Appathon.

27 august 2020

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.

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?