ORCA Dominates Hackathon, Wins Best Open Banking Solution Award
ORCA Alliance team has participated in the first Open Banking Hackathon in Lithuania organized by SEB Bank, a leading commercial bank in the Baltics. 48 hour-long event aimed to explore the concept of Open Banking through API connectivity, which is changing the landscape of banking in Europe. The event gathered a crowd of dedicated professionals and industry pioneers who exchanged ideas and know-how during the two-day event.
A total of 15 teams were selected to contend in the hackathon. ORCA team of 5 was led by CTO Dmitrij Radin and blockchain advisor Rytis Bieliauskas, a tech wizard with multiple hackathon wins already under his belt. We are extremely happy with our team’s performance as ORCA’s Mastercard killer idea won Finpass special prize for the Best Open Banking Solution.
During the pitch, ORCA team has presented the Mastercard killer idea how open APIs could enable consumers to make payments directly from their phones without the need of debit cards. Having multiple payment accounts connected to an Open Banking platform like ORCA would let to do just that. Transaction flow would bypass payment fees and consist of only a few simple steps:
The user scans QR code → Open Banking App suggests cheapest payment option → Payment is made and both parties receive confirmation.
Far from rocket science, isn’t it? What is even better, system’s simplicity allows widespread applications ranging from e-commerce, utility payments and any point of sale terminals. As long as you have an internet connection, you’re good to go.
“During the hackathon we got a great deal of relevant information trying to tackle the objectives set by the organizers. Open Banking is still a present-day concept, there are only so many people who fully understand its implications. The opportunity to meet them and gain professional insights is an invaluable experience for the ORCA project. And winning the award was a cherry on top.” — N. Avidan commented after the event.
SEB Bank provided API environment for participant teams to build their solutions. SEB is on the lookout for entrepreneurial individuals and companies that can help create the next generation banking services, bring down fees and increase efficiency for everyday European citizens and businesses.
ORCA Alliance is taking advantage of Open Banking developments in Europe and is building a platform which allows its users to access all their financial data in a single dashboard. To make the platform more appealing for consumers, a multitude of cryptocurrency services will be available in the platform’s App Center. Thus, ORCA platform will offer the whole spectrum of modern and conventional financial services and act as a handy tool for individual finance management. A tool yet to be provided in the market.
We here at ORCA are on our way to change that. ORCA Alliance is launching public token sale on the 16th of April. All interested parties and persons are invited to join ORCA and contribute during the sale.