Wired: Nesta launches £5 million Open Up Challenge
16 February 2017
Nesta has launched a £5 million prize designed to encourage fintech firms to explore Open Banking APIs.
The challenge, which launched on 15 February 2017, will give applicants access to “one of the largest anonymised UK banking transaction datasets ever made available”, giving them the chance to test ideas with real data.
Conrad Ford comments:
“Even the most technology-driven lenders we work with are forced to manually pore over scans of bank statements to make loan decisions. Open Banking will change all that, enabling innovative lenders to carry out instant online customer verification, and to make realtime loan decisions based on rich new bank account data.”
“Farsighted regulators have given the UK a clear head start, so it's incredibly exciting that the Open Up Challenge will represent the very first steps in transforming banking around the world.”
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