Open Finance gets hacked on 25 – 29 September 2023 at Open Banking Hackathon
After 5 years since its first edition, Open Banking Hackathon is back with a new edition, focusing on Open Finance beyond PSD2 and targeting teams across Europe.
Taking place between September 25th and 29th 2023, the hybrid event will bring together teams from corporate banking, fintech startups and individuals that will be challenged to share their vision and ignite innovation through Open Finance.
Financial services in the EU are about to undergo a new phase as the European Commission has published its draft legislation. To build on the progress made since PSD2’s introduction, the third Payment Services Directive (PSD3) will be accompanied by a new Payment Services Regulation (PSR). Bringing change is a work in progress, so this edition of OBH is intended to assist the innovation process.
“We don’t have a single market for digital finance yet and this is what the European Commission is working to remedy. This will not happen overnight, it is taking steps.” stated Christine Mai – Policy Officer at European Commission guest in the 2022 Edition of OBH.
Supported throughout the years by important technology companies, financial institutions, commercial banks, innovation programs such as the event have managed to grow year by year into a relevant resource hub and a launching platform for starting fintechs.
Among the supporting partners who have continuously contributed to the success of the event are national and commercial banks, technology companies, innovation communities, fintech associations, and startup accelerators such as BNR Fintech Innovation Hub, Eleven Accelerators, Elevator Lab, OTP Lab, InnovX-BCR, MKB Fintech Lab, Romanian Fintech Association, Luxembourg House of Financial Technologies, and many more to join in.
Teams from across Europe are challenged to develop real-world use-cases utilising the API testing environment in three main areas, with some subcategories proposed, but not exclusive. Happening between the 25 – 29 of September 2023, OBH will concentrate on the new PSD3 and Open Finance framework, recently launched by the European Commission, having the mission to lead the way in the modernization of payment services and opening financial services data.
“Throughout the Open Banking Hackathon we have gained invaluable experience and are much closer to fulfilling our goal of helping businesses and their clients handle complaints more efficiently. The hackathon provided us the best opportunity to access accelerating programs and partners, which will surely help us launch our product on the European market.”, Olga Gavrina, team lead of Fincoro, OBH 2022 grand winner.
During the 5 days of the hackathon, the teams will cover 3 main challenges in open banking::
• Individuals – personal finance management applications; robo-advisory for increasing financial health; increase financial inclusiveness; next level payment solutions.
• Business – optimising treasury management for corporates; smart financial management for SMEs; cross border FX hedging for corporates; bulk payments scenarios over payment initiation
• IoT – using wearables to manage financial life; automotive software applications; smart cities.
In the company of the key ecosystem players there are numerous opportunities to uncover, so make sure you join the Open Banking network for innovation reuniting at the end of September, and submit your project idea by September 12th online on https://openbankinghackathon.com/forms-_-registrations-2023/.