SDK.finance wins 2nd place at Barclays Hackathon 2022, competing with IBM, Lloyds Bank, Masterсard

SDK.finance impressed an expert panel of judges by presenting their fully interactive CBDC solution prototype to demonstrate their solutions for the coding challenges

SDK.finance

Source: SDK.finance

SDK.finance team was awarded 2nd place at the Barclays CBDC Hackathon 2022, preceded by the winner – Lloyds Bank, and followed by Mastercard, ranked among the top three. 

About the Hackathon

The Hackathon focused on the future of money – CBDC (central bank digital currency) and its potential to improve the financial systems across the globe. The adoption of CBDCs is being actively researched by central banks worldwide.  Therefore, dozens of similar hackathons are taking place globally to explore the possibilities of digital currencies and resolve challenges related to the interoperability of existing and new forms of money. 

Hosted by Barclays Rise, London’s primary FinTech hub, the event brought together the leading representatives of banking and fintech segments, including Lloyds Bank, Mastercard, IBM, Barclays and other well-known companies.

For the 9 participating teams which made it through a demanding application process, the Barclays hackathon offered a stunning opportunity to showcase their solutions for the operations involving CBDC and regulated money. The use cases include both retail UK CBDC and commercial bank deposits. In addition, the participants could leverage industry ecosystems to address the challenges related to the usage of CBDC and its interoperability, as well as mitigate the CBDC adoption risks. 

“I believe, the adoption of CBDC is one of the biggest breakthroughs for the financial industry since the introduction of cards. This is the next generation of operations with money. We view it as a huge opportunity for our product. We are going to work on the SDK.finance platform to support operations with all CBDCs emerging in the world out of the box. More than that - our vision is to supply an ecosystem covering an entire CBDC lifecycle - from digital money issuing to redemption and withdrawal, including transfers, payments and exchanges.”
Pavlo Sidelov,
founder and CTO at SDK.finance

SDK.finance

SDK.finance team at the Hackathon

SDK.finance solution

SDK.finance impressed an expert panel of judges with their fully interactive CBDC solution prototype addressing the coding challenges. The prototype was based on the SDK.finance core payment platform, which offers a transaction accounting foundation and multi-asset/multi-currency features among other benefits. These capabilities facilitated its integration with the CBDC layer and streamlined the operations with CBDC accounts.  

SDK.finance is proud to have competed with the banking and FinTech goliaths and to have come second in the hackathon. The team has discussed the possibility of participating in the Barclays and Bank of England testing labs and is going to further explore the future prospects of CBDC and implementation of the digital money operations within the SDK.finance software platform. 

SDK.finance is a payment technology vendor providing a white-label API-driven FinTech platform for building payment products on. Available as a hybrid cloud SaaS or with a source code license, the SDK.finance software caters to businesses of all sizes. SDK.finance customers save at least 1 year of active development for building a neobank, digital wallet or remittance app, payment acceptance business, marketplace payment solution etc.

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