According to Nesta, most small businesses will soon be able to securely share their banking data with trusted third parties via open banking Application Programming Interfaces (APIs), and allow third parties to initiate payments on their behalf.
Nesta is looking for teams from anywhere in the world that will use APIs to create value for the UK's five million small businesses, including the way they access and use bank accounts, loans and overdrafts. The teams will be encouraged to develop next-generation services, apps and tools in order to drive greater transparency, choice and innovation for small business customers.
The total prize fund is £2.5 million. Prize winners will win at least £300,000. All Finalist Grants and Prize Awards are equity-free. Applicants will retain full control of their intellectual property.
The Challenge invites applications from individuals, teams, public limited companies, private limited companies and limited liability partnerships. The programme is aimed at fintechs, data scientists and others from anywhere in the world; however, teams must be able to demonstrate that their solutions are designed to benefit UK small businesses and proposed services should be suitable for launch within the UK market and its regulatory framework.The applicant can be a start-up, a lone developer or an established company.
The deadline for receipt of applications is 4 May 2018.
Posted on: Tuesday 6th March 2018