Bluecode won the ECB hackathon
Recently we won the “Instant Payment Hackathon” of the European Central Bank (ECB), ahead of strong competition such as from smartphone bank N26 and payment service provider Worldpay.
The task of this year’s ECB hackathon was to develop a mobile payment solution within 24 hours, in which payments are received in the Single Euro Payments Area (SEPA) without the delay of a bank business day on the recipient’s account. Therefore, we first developed a PSD2 bank simulator, called “Bank Lambda”, which implements PSD AISP and PISP endpoints. In a second step, we implemented a “Bluecode connector” that connects the Bluecode system with “Bank Lambda” through the implemented PSD2 endpoints. After 24 hours we were able to showcase that it is possible to onboard users and make instant payments through PSD2 endpoints. As a result, it will not be necessary for banks to make further implementation efforts to connect with the Bluecode system.
The competition took place as part of the two-day ECB conference “An innovative single market for the euro” in Frankfurt am Main. In addition to Bluecode, the German online bank N26 and the payment company Worldpay, headquartered in London, took part in the challenge.
“We welcome the European Central Bank’s initiative for gaining know-how from leading European fintech companies to promote innovation in mobile payments as well as pan-European solutions made in Europe,” — Christian Pirkner, CEO of Bluecode
Bluecode keeps growing every day
While more than 85 percent of Austrian food retailers and many other retailers already accept Bluecode payments, Bluecode is currently accelerating the rollout throughout Europe and the integration into cash registers, apps of retailers and banks as well as vending machines. In Germany, the expansion is supported by the largest retail banking group in Europe, the Sparkassen-Finanzgruppe, the department store chain Galeria Kaufhof and the Globus stores. Other countries will follow in the coming months. So stay tuned.
Bluecode is the pan-European mobile payment scheme that enables cashless payments via Android smartphone, iPhone and Apple Watch combined with merchant driven value-added services in a vast number of apps. In accordance with European data protection standards, no personal data is stored or transmitted on the mobile phone during the payment process. The highly secure, TAN-based payment system works with all bank accounts and is independent of the transmission technology. The Bluecode technology can be embedded in any iOS or Android app. Renowned banks, acquirers, international banking software providers, and payment platforms, as well as leading retailers, support the Europe-wide rollout and integration into cash registers, vending machines, apps of banks and retailers as well as loyalty apps.
More information: www.bluecode.com
