By Aisling Finn on Friday 3 September 2021
Participants will need to build open banking solutions focused on using this new form of recurring payments.
Open banking is one of those fintech buzzwords that’s been floated around for a long time and now it’s come to the world of hackathons.
Open Future World, Ozone and UK Finance will be hosting the world’s first open banking hackathon, the VRP Hackathon, with sponsorship from Accenture, Mastercard, VOLT and Worldpay from FIS.
Variable recurring payments (VRPs) are the latest technology in open banking, said to rival Direct Debits, and is just in their infant stages—meaning the hackathon is an ideal way to help get the ball rolling.
The hackathon will focus on financial institutions can use open banking to implement variable recurring payments (VRPs), which includes moving money between accounts, subscriptions and bill payments.
“UK Finance has always been a strong supporter of open banking, which is already benefiting millions of UK consumers and businesses,” Jana Mackintosh, managing director of payments & innovation at UK Finance, said.
“Expanding into variable recurring payments provides a great opportunity for the industry to collaborate and for firms to demonstrate what open banking can deliver next.”
Starting on 13 September and running for four weeks, participants will aim to demonstrate open banking solutions for developers, banks, payment initiation service providers and tech platforms.
As well as sponsoring the event, API provider Ozone is powering the platform for the hackathon and has updated its Ozone Sandbox to include the latest update to the OBIE standard, which envelopes VRPs.
“VRPs have real potential to transform payments - improving customer experience and security for banks, merchants and end customers, as well as reducing settlement times, complexity and costs,” Chris Michael, CEO of Ozone, added.
“We are delighted to be providing the enabling technology for this hackathon, as a catalyst to help firms develop and showcase their propositions in advance of the UK banks having their APIs live next year.”
Participating teams will not only gain kudos from entering the event, but the winners of each of the six categories will also receive a bespoke 12-month plan of promotion and support from Open Future World—worth well in excess of £10,000.