9th Gear Technologies earned a winning position at the recent Global Open Finance Challenge hosted by Itaú, NatWest, CIBC and NAB. The technology company won the challenge “Most Innovative Customer Experience for Businesses and Corporates,” earning the opportunity to transform their challenge entry into a formal proof of concept. The Global Open Finance Challenge included 91 teams across 19 countries competing to create and deliver ground-breaking prototypes designed to transform banking and the customer experience for the general public.
Three themes guided the creation of the prototypes submitted for this challenge: experience, convenience, and sustainability. For experience, the panel of judges looked at a prototype’s ability to better serve both corporate and business customers, as well as the general public, through the delivery of high-value digital services. The convenience factor examined how advanced technologies can be simplified and streamlined to provide current and new customers with convenient access to banking services and relevant digital channels. Finally, the sustainability theme dealt with the balance of developing innovative technologies that assisted customers in making better and more informed decisions in regards to climate and sustainability.
9th Gear’s winning prototype was a solution developed in partnership with FinTech company CPQi. The prototype is designed to integrate blockchain solutions with open banking, enabling a more efficient and effective experience for customers. This solution was developed under an incredibly short deadline, with applications closing late September and the challenge taking place in mid-November. Each competing team received mentorship and access to experts to assist the building process of their prototypes.
CPQi – 9th Gear’s FinTech partner – played a vital role in the development and delivery of their prototype. CPQi is headquartered in Canada and works with financial institutions to develop and implement a wide range of banking technologies. The CPQi team serves as a critical enabler for open banking technologies and services for institutions across the Americas, making them the ideal partner for 9th Gear Technologies.
Besides the proof of concept, 9th Gear will also receive a ventures pitch to all of the participating Banks’ ventures teams, exclusive meetings with the winner on local market environments, exposure to and networking with senior leadership, media coverage in official global press releases, and expert consultations from Amazon Web Services (AWS).
Following their win, Maryanne Morrow, Founder and CEO of 9th Gear Technologies stated, “Our prototype was developed with precise customer-centricity in mind. With the integration of blockchain solutions into open banking technology, our solution can heighten the customer experience while still ensuring top-notch security of private personal customer information and data. With this win and the opportunity to transform our prototype into an actual proof of concept, we hope to deliver this technology to many institutions to further the global acceptance and integration of both blockchain and open banking solutions.”
According to Terry Boyland, Founder and CEO of CPQi, “The development of 9th Gear’s prototype in this competition was an excellent challenge for our team to get involved in. The strict deadline, paired with the thematic requirements, presented us with an exciting opportunity to test our team’s development and delivery limits ultimately proving the immense capabilities of our partnership with 9th Gear. We are delighted to congratulate 9th Gear on their win in this competition and greatly look forward to continuing our work as this prototype is transformed into a true proof of concept. At CPQi, we believe blockchain and open banking will be fundamental to the banking industry in the coming years, and this product will help financial institutions to maintain a competitive edge and provide customers with the technology they demand.”
About 9th Gear:
9th Gear powers instant settlement in financial markets – starting with foreign exchange (FX). With 9th Gear, foreign exchange trades have the advantage of intraday lending and the benefits of same day payment vs payment settlement. The platform fueled by this engine provides transparency, reduced risk, and lower cost to participants. 9th Gear has re-imagined the conventional FX settlement process to one that is near real-time, leveraging a private permissioned distributed ledger to digitally transform the $6.6 trillion/day market.
With a focus on digital transformation, predictive artificial intelligence, DevOps and cloud migration, CPQi provide managed services, including building, implementing, & supporting financial markets systems for leading American economies.
Lisa Hadrick, 9th Gear, firstname.lastname@example.org
Deborah Boyland, CPQi, email@example.com