News

Ozone API is proud to power the world’s first Open Banking VRP Hackathon

We are hugely excited to announce the launch of the VRP Hackathon today!

In partnership with UK Finance, Open Future World, MasterCard, Worldpay, Accenture and Volt, Ozone is launching a hackathon to help demonstrate the potential of open banking payments and the power that will be unlocked by this game changing functionality.

This one is personal to us here at Ozone API as the team have been involved in the definition of the Open Banking Standards and Variable Recurring Payments (VRP) from the very beginning. Through the work our founding team did at OBIE developing the standard and driving the industry thinking, to delivering the functionality into production before anyone else, as part of the OBIE sandbox, we have helped drive this from the outset.

So we are very proud to support this major industry initiative and provide the technology platform for what will hopefully be a huge catalyst for innovation.

The VRP Hackathon runs from 13th September 2021 for four weeks and participants are invited to apply from today via this link: www.vrphackathon.com

The Hackathon is an opportunity for developers, banks, payment initiation service providers and tech platforms to demonstrate potential use cases and propositions that VRPs can deliver.

The inclusion of VRPs in the latest UK Open Banking Standard was a significant moment and the hackathon aims to showcase what can be achieved in this area and how consumers can benefit. Given the UK is at the forefront here, other markets and standards bodies globally will be watching developments with keen interest.

As well as the significant kudos and publicity teams will get by entering this hackathon, each of the six category winners will receive a bespoke 12 month plan of promotion and support from Open Future World worth well in excess of £10,000.

Chris Michael, CEO of Ozone said “VRPs have real potential to transform payments – improving customer experience and security for banks, merchants and end customers, as well as reducing settlement times, complexity and costs.

We are delighted to be providing the enabling technology for this hackathon, as a catalyst to help firms develop and showcase their propositions in advance of the UK banks having their APIs live next year.”

To find out more and register click here

To read the press release click here

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