The academic research arm of interbank payments network Swift is calling on Australian-based students to devise new ways and means of protecting personal information in an open banking environment.
With the Australian government’s plans to foster competition and support a growing fintech community by introducing secure data-sharing, major lenders will have to provide more detailed information about their customers to credit agencies.
The Swift Institute's 2018 competition will address the issue of data privacy in an Open API environment, and is open to any recognised university or further educational establishment based in Australia.
The top eight applicants will be announced in July with the final presentations taking place on 24 October 2018 at Swift's annual international banking event, Sibos, in Sydney. The winning concept will receive a cheque for A$30,000.
Peter Ware, director of the Swift Institute comments; “The issue of how to keep personal information safe in an open environment is increasingly a question that banks are trying to tackle as open banking becomes more prevalent. This competition will challenge students to provide innovative solutions to this global industry issue. We look forward to seeing the practical concepts that are offered.”