RBI announces names of winners of 3rd edition of Global Hackathon

The 28 finalists presented their solutions to an independent jury which selected the winners based on several parameters, including comprehensiveness, innovation, feasibility, scalability, compliance

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The Reserve Bank on Tuesday announced the names of the winners of the third edition of its Global Hackathon with the themes 'Zero Financial Frauds' and 'Being Divyang Friendly'.

The hackathon received an enthusiastic response with 534 proposals, of which 39 were received from teams outside India, including the United States, the United Kingdom, Hong Kong, Singapore, Brazil, Morocco, among others.

The 28 finalists presented their solutions to an independent jury which selected the winners based on several parameters, including comprehensiveness, innovation, feasibility, scalability and compliance.

The winners of the hackathon were FPL Technologies; Xaults Technologies; Epifi Technologies; NapID Cybersec; H Vision India (Hasin Vaidya); Rupya Darshini (Parthiban R, Jebaraj V and Gobika S); and VisAst (Krimisha Deore).

Announcing the winners, RBI said these innovative solutions are expected to enhance the capability of the system to fight frauds, maintain security and integrity of the financial system by leveraging use of advanced technologies.

"They also contribute to the ease and maintain accessibility of financial services while bringing efficiency and inclusion," it said.

These products have the potential for wider adoption in the existing financial system subject to compliance with applicable regulatory requirements, the central bank added.