Global banking regulators are holding a hackathon that will target innovation in cross-border payments.
The fintech division of the Bank for International Settlements, known as the BIS Innovation Hub, along with SWIFT, the global financial sector messaging organization, are hosting a hackathon to examine the potential of new messaging standards in the payments industry to improve cross-border payments.
The groups said that the hackathon, which is open for registration until March 8, aims to highlight the potential of new messaging standards (known as ISO 20022) that are being adopted by large parts of the world’s payment systems over the next four years along with application programming interfaces to enhance global payments.
The competition will be judged by a panel that includes experts from Payments Canada, the European Central Bank (ECB), the Bank of England, the U.S. Federal Reserve, SWIFT and other organizations.
Winning teams will be announced at the BIS Innovation Summit, which is slated for March 23-25. The winners will present their solutions to an audience that includes central bankers and payments industry players.
“This joint hackathon with SWIFT shows how the BIS Innovation Hub can promote the smoother and more inclusive functioning of the global financial system by promoting the adoption of key standards,” Benoît Cœuré, head of the BIS Innovation Hub, said in a statement.