Welcome to the world’s first VRP Hackathon, powered by Ozone! 

Open banking is transforming financial services, including the payments landscape, around the world. 

Variable Recurring Payments (VRPs) are an innovative new payment method, based on open banking,  which allow a personal or business banking customer to give a regulated Payment Initiation Service Provider (PISP) long lived consent to initiate ongoing payments within a set of parameters which define the value, frequency and payee account details. The PISP can then make recurring payments within these parameters, without the need for the customer to authenticate each payment with their bank. Not only is this model secure, it also allows for full transparency and control, whereby the customer can be automatically notified of each payment and can easily view and revoke consent at any time.

VRPs are set to be a major catalyst, enabling a broad range of use cases including frictionless, embedded consumer payments journeys and intelligent B2B payment solutions. 

A number of UK banks are due to publish open APIs which support VRPs early next year, based on the latest UK open banking standards (https://standards.openbanking.org.uk/). In advance of this, the intention of this hackathon is to challenge the industry to bring to life the potential of VRPs and show the art of the possible. 

To reflect the breadth of possibilities we have identified six categories as follows:

  1. B2B payments
    Make it easy for business banking customers to pay staff, suppliers or for government services (e.g. Tax).

  2. Retail
    Facilitate ‘one click’ payments to online merchants (including split and/or delayed payments) and/or point of sale in-store payments.

  3. Subscriptions
    Enable one off or repeat personal or business payments (e.g utilities, memberships, donations, etc) where the amounts might vary each time.

  4. Sweeping
    Automate the movement of money between accounts held by the same personal or business customer, to enable savings, investments, or loan repayments.

  5. Peer to peer
    Enable peer to peer payments (e.g. bill splitting, family allowances, etc) potentially including integration with online wallet(s).

  6. Other
    Any other use case not listed above, including automated payments from smart devices (e.g. speakers, cars, wearables, etc).

All you need to do is register, access the sandbox and show us what you can do!

Hackathon Sponsors

Prizes

£60,000 in prizes

B2B Payments Overall Winner

The winning team in each category will receive a bespoke 12 month plan of publicity and support, worth well in excess of £10,000, including:

• Winner’s trophy
• Digital 'winner’s badge', which can be used by the winner online and in their own digital communications
• Recorded interview with one of the judges
• Case study written by an Open Future World journalist
• Promotion by Open Future World to their highly engaged global audience of over 20,000 experts, specifically inclusion/mention in cross industry announcements
• Press releases via social media and selected communications channels as well as a more detailed mention in Open Future World daily news brief and announcements, including publication of the interview and case study
• One free ticket and a three minute dedicated slot to present/pitch your project at the Open Banking World Congress ‘22

Retail Overall Winner

The winning team in each category will receive a bespoke 12 month plan of publicity and support, worth well in excess of £10,000, including:

• Winner’s trophy
• Digital 'winner’s badge', which can be used by the winner online and in their own digital communications
• Recorded interview with one of the judges
• Case study written by an Open Future World journalist
• Promotion by Open Future World to their highly engaged global audience of over 20,000 experts, specifically inclusion/mention in cross industry announcements
• Press releases via social media and selected communications channels as well as a more detailed mention in Open Future World daily news brief and announcements, including publication of the interview and case study
• One free ticket and a three minute dedicated slot to present/pitch your project at the Open Banking World Congress ‘22

Subscriptions Overall Winner

The winning team in each category will receive a bespoke 12 month plan of publicity and support, worth well in excess of £10,000, including:

• Winner’s trophy
• Digital 'winner’s badge', which can be used by the winner online and in their own digital communications
• Recorded interview with one of the judges
• Case study written by an Open Future World journalist
• Promotion by Open Future World to their highly engaged global audience of over 20,000 experts, specifically inclusion/mention in cross industry announcements
• Press releases via social media and selected communications channels as well as a more detailed mention in Open Future World daily news brief and announcements, including publication of the interview and case study
• One free ticket and a three minute dedicated slot to present/pitch your project at the Open Banking World Congress ‘22

Sweeping Overall Winner

The winning team in each category will receive a bespoke 12 month plan of publicity and support, worth well in excess of £10,000, including:

• Winner’s trophy
• Digital 'winner’s badge', which can be used by the winner online and in their own digital communications
• Recorded interview with one of the judges
• Case study written by an Open Future World journalist
• Promotion by Open Future World to their highly engaged global audience of over 20,000 experts, specifically inclusion/mention in cross industry announcements
• Press releases via social media and selected communications channels as well as a more detailed mention in Open Future World daily news brief and announcements, including publication of the interview and case study
• One free ticket and a three minute dedicated slot to present/pitch your project at the Open Banking World Congress ‘22

Peer to Peer Overall Winner

The winning team in each category will receive a bespoke 12 month plan of publicity and support, worth well in excess of £10,000, including:

• Winner’s trophy
• Digital 'winner’s badge', which can be used by the winner online and in their own digital communications
• Recorded interview with one of the judges
• Case study written by an Open Future World journalist
• Promotion by Open Future World to their highly engaged global audience of over 20,000 experts, specifically inclusion/mention in cross industry announcements
• Press releases via social media and selected communications channels as well as a more detailed mention in Open Future World daily news brief and announcements, including publication of the interview and case study
• One free ticket and a three minute dedicated slot to present/pitch your project at the Open Banking World Congress ‘22

Other Overall Winner

The winning team in each category will receive a bespoke 12 month plan of publicity and support, worth well in excess of £10,000, including:

• Winner’s trophy
• Digital 'winner’s badge', which can be used by the winner online and in their own digital communications
• Recorded interview with one of the judges
• Case study written by an Open Future World journalist
• Promotion by Open Future World to their highly engaged global audience of over 20,000 experts, specifically inclusion/mention in cross industry announcements
• Press releases via social media and selected communications channels as well as a more detailed mention in Open Future World daily news brief and announcements, including publication of the interview and case study
• One free ticket and a three minute dedicated slot to present/pitch your project at the Open Banking World Congress ‘22

Devpost Achievements

Submitting to this hackathon could earn you:

Requirements

To enter, you need to build a fully working web and/or mobile app which provides a service in one of the above categories. We expect your app to clearly demonstrate how VRPs can deliver a significant improvement in security, accuracy and ease of use over and above any existing payment methods.

Your app can either be ‘stand alone’ or ‘embedded’ (e.g. in cloud accounting software or merchant solutions). In either case, it must connect to the Ozone Sandbox and use the VRP API to set up and make payments in this sandbox.

Your submission must include the following:

1. A PDF summary which covers:

  • problem statement which clearly states the pain point(s) you are solving, together with supporting evidence regarding the scale of the problem (including number of users, revenue potential, etc)
  • description of your proposed functionality and how this addresses the pain point(s)
  • technology used, including both software components (languages/technologies) and hosting architecture
  • high level business plan which demonstrates the market-readiness of your team/business, including how you will reach the end customers and how you will generate revenue and profit
  • credentials, including and overview of the team/business and a short bio for each key team member

2. A fully working demo web and/or mobile application (utilising the Ozone Sandbox), including:

  • relevant instructions so that the judges can try the app out for themselves
  • for web apps, a URL which can either be public or, if protected, a password must be provided
  • for iOS apps, test app must be provided via TestFlight or similar
  • for Android apps, test app must be provided as a downloadable APK file

3. A video (about 3 minutes) that must demonstrate your application being used and can also summarise the key points from your PDF summary. Videos must be uploaded to YouTube, or Vimeo and made either public or password provided.

We expect you to retain all IPR in the application you submit and thus do not require you to provide access to any source code. 

Judges

Jim Wadsworth

Jim Wadsworth
Senior Vice President, Open Banking, Mastercard

Charles Damen

Charles Damen
Senior Vice President, Product Strategy, Worldpay

Steffen Vollert

Steffen Vollert
Chief Technology Officer, Volt

Amit Mallick

Amit Mallick
Managing Director, Accenture

Nick Cabrera

Nick Cabrera
Co-Founder and Head of Partnerships, Open Future World

Jana Mackintosh

Jana Mackintosh
Managing Director, Payments & Innovation, UK Finance

Chris Michael

Chris Michael
Chief Executive Officer, Ozone

Ghela Boskovich

Ghela Boskovich
Regional Director, Head of Europe, Financial Data and Technology Association

Stephen Wright

Stephen Wright
Regulation & Standards Lead, Bank of APIs, Natwest Group

Judging Criteria

  • Problem Statement
    How well are the pain points defined, what is the scale of the problem and strength of the evidence supporting this
  • Meeting User Needs
    How well does the solution meet each of the pain points
  • Customer Experience
    How easy is it for the end customers to setup a VRP, how is the customer informed about each payment (including if payments fail) and how easy is it for them to manage (revoke or amend) a VRP
  • Technology Used
    How well does the application perform (including management of user/system errors) and how will it scale to cater for potentially large peaks in traffic
  • Business Plan
    How credible is the plan to market the solution and generate users and revenue

Questions? Email the hackathon manager

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