24 March 2014
DataArt Rocks at Hack (Make!) the Bank 2014 in London
DataArt participated in the London FinTech hackathon Hack (Make!) the Bank 2014 organized by TESOBE, The Open Bank Project, and Level 39. The attendees were given an opportunity to spend a day developing an idea to a prototype with a help of a number of APIs sponsors (OpenBank, PixelPin, PayPal, Temenos, op3nvoice, growth intelligence). The event kicked off with a welcome speech from Eric Van der Kleij, head of L39, followed by short intros of APIs. Op3nvoice announced a new version of their API, released just a few hours before the event, and was giving participants a hand in trying newly released features. Temenos, a banking software company, has announced a partnership with Open Bank Project aimed to integrate the platforms, backing open API initiative with the existing Temenos client base of 600+ banks.
Twelve teams from around the world took up the challenge. As a result, a number of thrilling and innovative projects, such as Selfie bank – a face recognition based money transfer app; group savings platform; mortgage masher – financial analytics platform for landlords; banking for kids; auto-donation of pennies leftovers to a charity of choice; payments voice control and even insurance against heartbreak!
Alexey Utkin, Konstantin Kazin, Anastasia Belokurova and Sergey Reva teamed up from DataArt side to develop an independent banking transactions data aggregation platform. A user authorizes the system to access his bank account via Open Bank Project API and then can specifically control what aggregates of his transactions he would like to make public or share with certain companies on their request. Aggregates include min, max, average daily balance over period, income and spend in total or per specific category. Due to its independence, the system may be seen as one of the means to assess creditworthiness without disclosing transaction-level data and thus not challenging user’s privacy. A more interesting use of the platform supported in the prototype is an ability to have a team challenge or competition between user and his friends. For example they could form a team and agree to disclose their monthly spend on charity or sport or pubs – and then publicly share the team data using variety of charts, thus fueling their competition.
Overall, the team enjoyed the open and collaborative atmosphere of the event as well as the sunny views from welcoming L39 premises and looks forward taking new challenges in the fintech space!