This year at the Money 20/20 Hackathon, developers were tasked with innovatiing solutions to help solve the problem of global financial exclusion and bring more people into the financial system.
In Visa’s fourth consecutive year of sponsorship, Visa had another outstanding performance at the Money 20/20 Hackathon, which took place in Las Vegas. Visa won the entire hackathon for the second year in a row – with one of the Visa Challenge teams taking first place out of 80 total teams and 59 percent of team’s using the Visa Developer Center for their solution.
This year’s challenge tasked developers with innovating solutions to help solve the problem of global financial exclusion and to bring more people into the financial system. Visa’s Social Impact team partnered with Visa Developer to support developer teams on-site as they created financial inclusion solutions in one of these categories:
Access to financial education and business skills
The goal: leverage Visa APIs to help individuals or small businesses use more secure, convenient, and affordable payment products or financial services to meet their everyday needs and reach their long-term financial goals.
After 24 hours of coding, 4 Visa teams came out on top.
Bank of America Team wins 1st Place for Visa Challenge
InstaPay aims to digitize in-person cash checking transactions with check scanning and instant issuance of Visa card to digital wallets. The team used VDP for Visa Offers, Visa Direct and Identity Document APIs.
PNC Bank Team wins 2nd place for Visa Challenge
Visa Cares placed in the top 10 of participants and won $5,000 from Money 20/20. The solution enables unbanked or underbanked individuals to get community loans and build credit history. The team leveraged VDP for Visa Direct and Visa Identity Documents APIs.
Chase Bank takes 3rd Place for Visa Challenge
Money Clips won $15,000 from Money20/20 by placing in the Top 5 overall. The solution proactively helps households and families manage their finances and savings by allowing users to create short or long-term life financial goals. The app enables users to set spending limits for specific categories and uses VDP’s Visa Transaction Controls API to restrict spending.
ViSync, Money 20/20’s grand prize winner and Visa challenge finalist
ViSync was chosen to pitch their idea on the Money20/20 stage in front of hundreds of investors and media. Their session took place minutes before Richard Branson took the stage where they pitched their solution using VDP’s Visa Direct and Visa Transaction Controls to allow remittance senders insight and control on how money is spent.