The Bank for International Settlement (BIS) Innovation Hub and SWIFT, the global provider of secure financial messaging services, are hosting the ISO 20022 Hackathon in March 2021. In this hackathon, teams will develop and demonstrate solutions that use the ISO 20022 standard for messaging to improve cross-border payments. Participants will be organized into teams with eight days between the 11th and the 19th of March to develop a solution and post it to the hackathon’s site. Three winning teams will have the opportunity to showcase their solutions at the BIS Innovation Summit later in March.
Cross-border payments are a notoriously difficult, slow, and expensive part of the world payments ecosystem. Apart from the difficulties of currency conversion and the settlement of the payment itself where the participating institutions may not have a direct relationship with each other, there are other complexities. Payments must comply with multiple regulatory systems checks and include the data to support compliance with all of these checks. At the same time, economic relations between families and groups distributed around the world have highlighted the importance of reliable and low-cost cross-border payments in supporting economic development and financial inclusion.
If you are interested in contributing to this effort, you can find further details about the event at the HackerEarth ISO 20022 event website.