Collaborating to unlock the power of data in financial services
This year the Sibos Hackathon went virtual, setting developers and data scientists – from fintechs through to global banks – a tough but exciting challenge to unlock the power of data in financial services.
Sibos Hackathon
More than 50 developers from across the Sibos ecosystem formed teams to collaborate and showcase their ingenuity.
The hackathon focused on three key challenges to explore how leveraging advanced analytic technologies such as machine learning and deep learning can deliver better customer outcomes and solve industry challenges.
Managing risk & financial crime
Leveraging data and advanced analytics to reduce financial crime and systemic risks in financial markets.
Fostering financial inclusion
Utilising data analytics to foster financial inclusion with better access to financial tools and money, especially in times of crises.
Transforming customer experience
Capitalising on diverse sets of data and advanced analytics to revolutionise the role banks play.
The participants had three weeks to evolve their solutions from idea to prototype, working in mixed teams to solve some of the biggest industry challenges.
In collaboration with Google Cloud and other third party partners, SWIFT provided all participating teams with cloud, data and API tools to help bring their solutions to life.
The winners
Managing risk & financial crime:
Winner: Team 3
The team explored how to improve cybersecurity for SWIFT member banks by providing a Payment Messaging Traffic Screening Tool, which alerts security officers/cybersecurity teams of abnormal FIN messages, the message type (MT) that transmits financial information from one financial institution to another.
- Ashwin Naidu, Citi.
- Yauheniya Shynkevich, Clearstream, Deutsche Boerse Group.
- Cynthia C. Lima, Itaú.
Fostering financial inclusion
Winner: Team 18
The team explored how to use extended personal payment history data, such as utility payment history, to provide better credit lending to the financially excluded.
- Kareem Zedan, ClearBank.
- Thorsten Henrich, Clearstream, Deutsche Boerse Group.
- Philip Crisp, Finastra.
Transforming customer experience
Winner: Team 15
The team explored how to optimise cross-border payments to improve liquidity for corporate treasurers using payments data and advanced analytics.
- Joseph Tomlinson, ClearBank.
- Kirill Gerasimov, Deutsche Bank.
- Syed Naina, Finastra.
- Siya Mchunu, Standard Bank.
Congratulations to the winners of this year’s Sibos Hackathon and thanks to all the teams for their inspirational efforts. Watch the interviews with the winners to find out more about their solutions.