The Bank for International Settlements and Swift are to run an ISO 20022 and API hackathon in a global search for new ways to make cross-border payments faster, cheaper and more transparent.
Hosted by the BIS Innovation Hub and interbank network Swift, the seven-day virtual hackathon invites participating teams from banks, fintechs, payment service providers and corporates, to develop and showcase solutions that improve cross-border payments.
Set for adoption by at least 90% of the world's public and private high-value networks over the next four years, the new messaging standard, in combination with APIs, can address multiple pain points hobbling cross-border payment flows, including sanctions checking, AML & identity, invoice reconciliation, message translation, and end user transparency of speed and fees.
Participating teams can adapt their existing product to make use of ISO 20022 or build and demonstrate new services.
Demos will be viewed by a panel of judges from the Federal Reserve Bank of New York, Bank of England, European Central Bank, Swift, Innovate Finance (UK), CPMI, Payments Canada, New Payments Platform (Australia), Swish (Sweden) and DBS Bank (Singapore).
Interested parties must register for the event by 5 March. The three winning teams will get to showcase their products at the 3-day BIS Innovation Summit from 23-25 March.