Defining moment in open banking development as key fintechs partner to power the next wave of service innovation
26 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. 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 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.
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, cofounder 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.”
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/$5,000.
* Subject to eligibility
Visit the website to learn more about the appathon and submit an application. http://openfinanceappathon.com/
About Finastra
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com
About FusionFabric.cloud
FusionFabric.cloud is a scalable, open and collaborative development platform built by Finastra. The secure and proven cloud platform encourages innovation, opening up the company’s core systems through APIs so that third parties can develop applications on top. Fintechs can quickly build and promote apps worldwide. Financial institutions can access or create new services, which their customers are demanding, faster. Visit fusionfabric.cloud
About Yolt Technology Services
Yolt Technology Services unlocks its Open Banking expertise to other organisations through a single and secure API - building, managing and maintaining AIS and PIS connections for top financial institutions and ambitious tech businesses. Yolt Technology Services is available throughout Europe and makes on average 18 million API calls each week.
About Railsbank
Railsbank is an open banking API and platform that gives regulated and un-regulated companies access to global banking with 5 lines of code. Through our API, customers can access a complete range of wholesale banking services using «Product Rails» on the Railsbank platform – Global Ledgers (mapped to real bank accounts); issue unique IBANs for end users; receive money; send money; convert money (FX); collect money (direct debit, acquiring); issue/manage cards; access blockchain; manage credit (lending); and eventually insurance products too. Railsbank achieves the above through our platform being directly connected to a global banking network and being an aggregator to payment schemes (e.g. SEPA). Banks connected to Railsbank benefit through being protected with our unique Compliance Firewall technology and able to revenue new customers 80% faster. For further information, please consult http://www.railsbank.com or follow us on Twitter and LinkedIn.
About Open Banking Excellence (OBE)
Open Banking Excellence (OBE) is the world’s leading community of Open Banking and Open Finance pioneers, including fintechs, banks, regulators, BigTechs and wider financial services institutions that gather to learn, share stories, spark debate and, importantly, collaborate. OBE is the authentic voice representing a global movement of like-minded experts who through collaboration provide technical, regulatory and legal insight into Open Banking and its wider implications for a dynamic and innovative financial sector. We believe that Open Finance will help build a better world through financial inclusion, social change and by providing greater control and choice to us all. Connect with us on LinkedIn and Twitter.
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