Open Banking is a financial services term as part of financial technology that refers to: The use of Open APIs that enable third party developers to build applications and services around the financial institution.
The UK’s open banking regulations came into effect on 13 January 2018, bringing changes to the sector that could transform financial services. Open banking forces UK banks to open their data via a set of secure application programming interfaces (APIs). This will force banks to shift from being one-stop-shops for financial services to open platforms where consumers can start to embrace a more modular approach to banking by giving verified third-parties direct access to this data. The Competition and Markets Authority (CMA) has turned the concept into a formal requirement for the nine largest current account providers in the UK with the launch of the Open Banking initiative. Alasdair Smith, chairman of the UK’s retail banking investigation, said:
“Open banking will make a transformational change to banking for personal customers and small businesses. For the first time innovative and secure apps will provide personalized services and information to cover all financial needs in one place, and make it easy for people to find out what bank account is best for them.”
This is a strictly by invitation hackathon to bring together industry experienced developers and software engineers to work on contextual solutions to address business relevant issues. This hackathon will span for 24 hours and will be preceded by an API/ SDK workshop, where participants will be introduced to the bouquet of services and platforms they’re solutions will be integrating into.
The best solutions will win a contract to scale and commercialize their service to Stanbic Bank.