The open finance movement is set to give consumers and businesses more control over a wider range of their financial experiences, enabling them to access and share their data with a broader range of providers who can develop innovative services that meet their needs.
Finastra , Open Banking Excellence (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. 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. Open platforms like FusionFabric.cloud help banks and fintechs collaborate faster, with apps becoming available to customers in a matter of days rather than months. 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.”
Speaking of YTS’s decision to partner for the appathon, Leon Muis, Chief Business Officer, says: “Open banking has boundless potential, but it needs the conditions to flourish – that’s why moving towards open finance is so important. Giving both consumers and businesses the control and interconnectivity to use digitised financial information can transform the way financial services are accessed and delivered. The Open Finance Appathon embodies this aim, and YTS is pleased to be part of an initiative which will propel the move towards open finance – working together is key, and partnering with like-minded organisations shows what can be achieved when we pull together.”
“The UK has set the blueprint in open banking for the rest of the world. Now it’s time to showcase what open finance may look like and what it can do,” comments Helen Child, co-founder of OBE. “By collaborating in this way, we’re creating a platform for start-ups and scale-ups to showcase their talent and technological skills, as well as to support the growth of this innovative sector through the creation of new market-ready products and services that will make open finance come alive.”
“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, subject to eligibility. Winners will be announced in November and awarded free API consumption up to the value of £5,000/$5000.