The winners were Atomic Wire, Mojaloop, Virtusa and AWS for solutions that help to enhance cross-border payments using ISO 20022 and APIs.
The BIS Innovation Hub and SWIFT on Thursday (25 March) announced the winners of the ISO 20022 hackathon, which last month invited teams to build and showcase solutions that enhance cross-border payments, using the ISO 20022 standard for payments messages and APIs.
The hackathon, run just prior to the BIS Innovation Summit, bringing together 260 participants representing over 80 countries around the world.
The hackathon highlighted the benefits of ISO 20022, which is being adopted by large parts of the world’s payment infrastructures over the next four years. Teams could adapt an existing product to make use of ISO 20022 or build and demonstrate new solutions leveraging the standard and APIs using SWIFT’s API sandbox.
The winners were chosen by a panel which included experts from the BOE (Bank of England), CPMI (Committee on Payments and Market Infrastructures), DBS Bank Singapore, the ECB (European Central Bank), the Federal Reserve System, the UK’s Innovate Finance, Australia’s NPP (New Payments Platform), Payments Canada, SWIFT, and Sweden’s Swish.
The winners were:
- Atomic Wire won for its highly scalable stream processing solution that performs real-time atomic settlement of FX transactions, eliminating settlement risk and removing barriers to adopting PvP for cross-border payments.
- Mojaloop won for its solution for using ISO 20022 to bridge the “last mile” and bring cross-border payments to users in emerging market economies who rely on mobile money transfer systems.
- The Isonauts (Virtusa & AWS) won for their solution using machine learning to ensure completeness and correctness of data as a basis for smoothing international payments.
The winning teams are showcasing their solutions at the BIS Innovation Summit to a global audience including key payments industry players and central bankers.