Fintechs looking to further develop their minimum viable product and take it onto the next level should enter a first-of-its-kind competition organised by Open Banking Excellence (OBE).

So says the co-founder of OBE Helen Child, who has partnered with leading fintechs Finastra, Railsbank and Yolt Technology Services (YTS) to organise The open Finance Appathon. Sponsors are Amazon Web Services (AWS) and Mastercard.

The Open Finance Appathon offers participants a unique chance to lead the pack of open finance solutions that are being developed across the globe. 

Submissions are being called for right now.

Some 12 lucky applicants who successfully integrate their solutions with Finastra, Railsbank, or YTS APIs, and show their product to be scalable, will be shortlisted and receive $5,000 worth of lifetime AWS Activate Credits. 

The final apps will be judged by a panel of experts, including Chris Michael, Head of Technology at the Open Banking Implementation Entity (OBIE) and Nigel Verdon, co-founder and CEO of Railsbank. 

The winners will be announced in November and awarded free API consumption up to the value of £5,000/$5,000. 

Child called this a “…defining moment in open banking development as key fintechs partner to power the next wave of service innovation…This 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 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. 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.”

The backdrop is an open finance movement that 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. 

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. 

Check out Adam McGreggor, Chief Platform Office and Group CISO at Railsbank, who recently provided a live demo of the Railsbank API.

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, added: “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.”

“We want every participating solution to go to market as a commercially viable service,” commented 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.”