With complex processes and multiple parties, determining the costs of payments can be difficult. In recent years, the Reserve Bank of Australia (RBA) has taken up the challenge and released a research report on the cost of payments in Australia. This represents a long-awaited follow up to research last done in 2006. The most recent RBA report dated December 2014 draws upon data collected in 2013 from financial institutions, businesses and consumers and seeks to quantify the overall cost of payments and the cost of various payment methods. This includes both “resource costs” (the costs to the whole economy) and “private costs” (the costs borne by consumers, merchants and financial institutions respectively).
The Australian Payments Council (APC) held Australia’s first cross-industry hackathon in Melbourne and Sydney on 11 to 13 August.
The event brought together participants from financial institutions, consulting firms and the fintech community. As AusPayNet’s Emerging Technology Lead, I was excited to attend the event in Melbourne at Cognizant’s Collaboratory. In Sydney, the hackathon was hosted by Stone & Chalk.
22 Teams from our community
A total of 22 teams, comprising over 120 participants worked to complete the challenge set by the APC – using Transactional Data to Improve the Lives of Australians. A mix of actual and simulated data was available in a sandbox environment. Teams were given from Friday evening to Sunday afternoon to bring their ideas to life. Mentors were on hand over the weekend to help guide them, and a relaxation session on Sunday made sure they were composed and ready to present their pitches.
Great winning ideas
The Best Overall App winners in each city were awarded $5,000 prize money. Sydney winners Meeco created Loyal-ception; an app that uses your current transactions to help you find the best loyalty programs based on where you spend the most.
In Melbourne, the team behind emFund (i.e. Emergency Fund) showed us how transactional data could be used to help locate and provide for loved ones when a natural disaster hits.
Congratulations and thanks to all 22 teams for some truly inspirational work. It was great to see all the effort everyone put in. The prototypes on show were impressive. My personal favourite had to be the clever use of transactional data to create a dating app!
I know everyone involved had a great time. The event also had strong interest on Twitter, reaching over 80 thousand accounts!