Barclays have joined the hackathon train. At their first edition which was held in Mumbai (India) and Manchester (UK), more than 1,000 Fintech participants took part in the 36-hour event, to develop innovative products that would revolutionise the banking industry.
Reports from Barclays stated that ‘Rise Hackathon’, the open innovation programme, was designed to address the threats and potentials facing the banking industry. The mission was to create innovative solutions in three key areas;
- To focus on the new European banking regulation on Payment Services (PSD2), which comes into effect in 2018
- Novel ways to manage risks in Corporate Treasury
- Reacting to the emergence of ‘zero UI’ (eliminating barriers between users and interfaces).
The winning solutions include Baringa Partners, a tool for cashflow forecasting and intelligent decision tool, and CodeForce, a marketplace for financial aggregation.
The event featured 20 partners of the bank including Microsoft, Amazon, Twitter, IBM and Google. The hackathon was also the first time Barclays opened its Application Programming Interfaces (APIs) to external developers.
For more information kindly visit Rise Hackathon.