21 February 2018
Visit www.avoka.com

Nesta launches £5 million Open API challenge

15 February 2017  |  13498 views  |  0 Big data

UK innovation agency Nesta has launched a £5 million prize fund to inspire the creation of new products and services using Open Banking APIs.

Nesta's Open UP Challenge is looking for 20 winning entries that will use the APIs - newly available from early 2018 - to transform the way small businesses discover, access and use core financial products.

Winners will receive a £50k grant up-front and a share of a further £3.5 million for ongoing development of successful products.

Participants will be able to access an Open Up Data Sandbox containing millions of anonymised transaction data sets, backed up by fully-funded technical and business support from experts in user experience design, legal and regulatory fields.

Nesta is looking for tools that could help small business better compare loan products, predict and manage cashflow, make more informed budgeting decisions and automatically transfer liquid funds to appropriate savings accounts.

Chris Gorst, Open Up Challenge Prize Lead at Nesta, comments: “Open Banking has the potential to transform small business banking, leading to a step change in innovation and offering busy customers unprecedented transparency, convenience and control. The Open Up Challenge aims to make this a reality, by supporting innovators building next generation services centred around small businesses’ needs."

The Challenge is open to developer teams, start-ups, or established companies from anywhere in the world whose concept may be at idea stage or could be more advanced. Applications will be open between 23 March and 31 May 2017.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CMA issues final order on Open Banking

CMA issues final order on Open Banking

02 February 2017  |  15935 views  |  0 comments | 34 tweets | 31 linkedin
Consumers unaware of Open Banking - Equifax

Consumers unaware of Open Banking - Equifax

24 January 2017  |  12466 views  |  5 comments | 17 tweets | 22 linkedin
Open data - competition cuts both ways

Open data - competition cuts both ways

13 January 2017  |  7178 views  |  2 comments
UK consults on Open Banking plan

UK consults on Open Banking plan

23 November 2016  |  10750 views  |  0 comments | 29 tweets | 20 linkedin
Nesta seeks head to run fintech challenge prize programme

Nesta seeks head to run fintech challenge prize programme

05 September 2016  |  6989 views  |  0 comments | 9 tweets | 2 linkedin

Related blogs

Create a blog about this story (membership required)
Visit https://www.capgemini.comRegister for the webinarVisit http://info.nice.com

Top topics

Most viewed Most shared
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
10105 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9709 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8473 views comments | 13 tweets | 12 linkedin
BBVA-backed digital banking startup targets gig economy workersBBVA-backed digital banking startup target...
7141 views comments | 8 tweets | 12 linkedin
hands typing furiouslyMaking Customer Experience Your Business
6843 views 0 | 7 tweets | 5 linkedin

Featured job

Competitive
Germany, Austria or Switzerland

Find your next job