Frequently Asked Questions
Frequently Asked Questions
Q: What is the FinTech Open Call 2014 About?
A: The FinTech Open Call 2014 (or FinTech Challenge) is a global open call for proposals targeting international startups and innovators in the field of financial technologies (FinTech).
Q: FinTech encompasses a wide range of products and applications. What is the key focus of this Open Call?
A:The FinTech Open Call 2014 will focus on two specific areas: Capital Markets and Transaction Banking. For both target areas, the applications and solutions will touch upon multiple FinTech related areas such as Payments, Mobility, Risk Management, Security, Big Data Analytics and Predictive Modelling.
Q: Can you provide more details with regards to the Capital Markets target applications and solutions?
A:The Capital Markets target area will focus on applications, technologies and solutions that fall within one of the following categories:
- Fixed Income
- Foreign Exchange (FX)
The type of applications the bank is looking for include, as an example:
- Applications that will help the bank improve and optimise the risk exposure with regards to commodities / currency for its corporate clients.
- Pricing algorithms and exotic options that will improve the bank’s intermediation margins.
- Innovative applications that can result in risk reduction / optimisation in the FX sales process.
- Solutions that reduce risk and optimise the sales process in the bank’s Fixed Income division.
- Solutions that can speed up the development and support in the financial engineering processes.
Q: Can you provide more details with regards to the Transaction Banking target applications and solutions?
A: The Transaction Banking target area will focus on applications, technologies and solutions that will allow the bank to:
- Develop / integrate solutions that will allow the bank to extend and enrich the bank’s product / services portfolio for its corporate clients.
- Integrate innovative technology solutions or platforms for specific applications. For example: liquidity management for corporate clients, money transfer solutions via mobile, mobile cash pooling.
- Solutions that will allow the bank to extend its geographic reach
Q: Who is behind the Open Call?
A: The FinTech Open Call 2014 is an initiative led by a leading European bank (Innovation Seeker). For confidentiality reasons the identity of the bank will not be disclosed during the open call. Through this open call, the bank is looking to scout innovative startups, technologies and opportunities that are already developed and on the market and therefore ready to be integrated within the bank’s processes or deployed by the bank (e.g. offering your technology to the bank’s corporate customers). Your technology and FinTech application will have an immediate and significant impact on its P&L and improve its internal processes and operations.
Q: Why is the Innovation Seeker looking for external solutions rather than developing them in-house?
A: The bank strongly believes that tapping into external innovation pools globally is a very effective way to speed up its internal innovation and product development.
Q: What type of collaboration is the bank willing to undertake with the participants to the FinTech Open Call?
A: The bank is open to consider partnerships, technology acquisitions, licensing agreements, industrial spin-offs. If we find your proposal interesting our team will contact you for a follow-up interview where we’ll evaluate possible collaboration opportunities.
Q: What awards and benefits will the selected innovators receive?
A: Selected FinTech Challenge innovators will have a unique opportunity to enter into a commercial agreement with a leading European bank. This could be anything from a licensing agreement of their technology, a client / supplier agreement or, potentially, also an investment or acquisition.
Q: What is the cost of taking part in the challenge?
Participation to the FinTech Open Call is free of charge.
Challenge Eligibility, Submissions and Judging Criteria
Q: Am I eligible for this challenge?
A: There is no eligibility restriction to join the FinTech Open Call. If you are an individual, startup or a company with a working application in one of the focus areas described above you are welcome to submit your entry.
Q: What development stage should my proposed solution be at?
A: We are not looking for ideas or early stage prototypes, we are interested in products and solutions that are already developed / already on the market and that can be integrated within the bank’s operations immediately.
Q: How do I submit my proposal?
A: You can submit your proposal by clicking on the ‘Submit now’ link on the challenges section of the website. You will then be sent an email notification to confirm that your entry has been received.
To access the FinTech Challenge private section and submit your entry:
- Register / Login
- Click on the “Challenges” tab in the main navigation section and review all the challenge information prior to submitting your entry
- Click on “Submit Now” to access the submission form
- Complete all the fields on the submission form, attach any file or image that you think might support your entry and click “Submit” to send your entry.
Q: Is the Innovation Seeker willing to sign an Non Disclosure Agreement?
A: No. At this stage we are interested in non-confidential information that does not require an NDA. Should we be interested in following up with you to get into the details of your solution we would agree what should be put in place to protect both parties.
Q: How is my intellectual property protected?
A: If you have a patent, design or registered trademark you are protected according to the relevant international law. If you are not protected by a patent, any information you disclose will be deemed as confidential. Should we be interested in learning more about your innovative solution you will personally be contacted by the Innovation Seeker to discuss next steps.
Q: Can I change my challenge submission after it is already submitted?
A: No, you cannot change your proposal once it has been submitted. You may save drafts of your entry until you are ready to submit it. Once proposals are submitted, you will not be allowed to change or edit them.
Q: Can I submit more than one challenge entry?
A: Yes, there is no limit to how many entries you can submit.
Q: What is the ideal format to submit my proposal?
A: We are asking you to provide a clear overview of your FinTech product or application following the instructions given on the submissions page (accessible by clicking on the ‘New Submission” link from the challenge project room). Make sure you read the brief carefully and that you understand the specified selection criteria (see next question below). In order to provide additional information to your submissions, feel free to include any attachments that will help the judges make a decision. If you have a working prototype of your application a ink to a demo environment would be extremely useful.
Q: What happens once I submit my proposal?
A: Upon submitting your proposal the client will review the submission and determine whether or not there is scope for a collaboration opportunity in which case the proponent will be contacted for further discussions.
Q: What are the evaluation criteria?
A: The evaluation criteria are the following:
- Credibility, know-how and expertise of the company / applicant
- Degree of innovation of the proposed solution
- Strategic fit with the bank's requirements
Q: How will my personal data be used?
A: The Innovation Seeker will use personal data of participants to the challenge to contact them in case there is a an interest in having a follow-up meeting and discussion or for any future communication related to its Open Innovation initiatives.
For any other question, feedback or clarifications please use the comments section on the challenge platform or, alternatively, send a direct email to firstname.lastname@example.org.