Railsbank preps London hackathon

Source: Railsbank

Railsbank, a leading UK-based open-banking and RegTech platform, has announced leaders in the FinTech sector as partners of its annual banking innovation hackathon - this year.

annual banking innovation hackathon - this year. #OpenBankHack18 takes place in London on 23 to 25 November, 2018. To register go to https://www.railsbank.com/openbankhack18

The Austrian-based RegTech firm, kompany, joins Aprexo, a financial technology firm which specialises in investment management software as sponsors to #OpenBankHack18.

Railsbank established the annual hackathon #OpenBankHack as a 48-hour hackathon to bring together innovators to create innovative banking services using its own Open Banking API.

For #OpenBankHack18, the Railsbank and kompany technical teams are designing API hacking challenges around the theme of 'anti-fraud.' It will demonstrate how API technology can help identify rogue elements.

Railsbank CTO Adam McGreggor, kompany co-founder and CTO Peter Bainbridge-Clayton and Aprexo CTO Andy Thomas will be three of the judges.

Taking place at the University of Greenwich, London, the participants at #OpenBankHack18 form teams and collaborate with mentors (senior FinTech sector entrepreneurs and executives) to create solutions to challenges based around tackling financial crime; taking compliance manuals from the world of paper into the world of digital; and, building a challenger bank within 48 hours.

The ‘anti-fraud’ theme of this year’s hackathon fits perfectly to a RegTech firm that has made it possible to verify companies instantly online, provides audit-proof company information and ensures compliance with the EU’s 4th AMLD and MiFIDII.

kompany’s leading Business KYC platform is crucial to comply with today’s regulations: “Do you know who you’re doing business with? Our Business KYC platform answers this question with the highest level of data veracity. Tackling financial crime is not easy and we’re excited to see the solutions this year’s participants will come up with” says kompany CTO Peter Bainbridge-Clayton.

Nigel Verdon, co-founder and CEO of Railsbank, added: “We started the Railsbank hackathon event last year and it was a great success, with over 100 people attending. It’s a superb opportunity for those committed to innovating in the FinTech sector and those interested in APIs to get together for a focused session and have some fun.”

Joanna Jenkins, Railsbank Head of Compliance, commented: “Railsbank is a pioneer when it comes to tackling fraud via API innovation and the hackathon is an example of how seriously we take this issue. And it’s amazing how much we can learn from our hackathon event, as it brings in fresh eyes and a different perspective to the problems we have to face when fighting fraud.”

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