Payment and Settlement Systems Innovation Contest: Apply by October 21
Institute for Development and Research in Banking Technology (IDRBT), established by the Reserve Bank of India, Castle Hills, Road No.1, Masab Tank, Hyderabad-500 057, working at the intersection of Banking and Technology, focusing on research and development, useful for the Indian Banking and Financial Sector; has invited entries for the ‘Payment and Settlement Systems Innovation Contest’ with the objective of encouraging innovations in the area of Payment and Settlement Systems,
Eligibility: Individuals, entrepreneurs, groups, companies, start-ups and similar entities in the payments space can participate in the Contest and demonstrate their innovations aimed at facilitating end-users, banks, payment service providers and other financial sector participants, with innovative payment systems, which are easy to use, efficient, safe and secure.
Areas of Innovation: The area of innovation should reflect its relevance to Payment and Settlement Systems. An indicative list of areas include Offline payments, Automated online dispute redressal system, Safety and security in payment systems, Payment options for feature phone users, Simple and easy Know Your Customer (KYC), Payment systems data analytics, Cross border remittances, Next-gen payment modes, Instrument less payment systems, Innovative confirmation modes for payment transactions, Automated payment processing and Innovative settlement modes
Submission of Proposals (Stage 1): Participants need to submit proposals in the prescribed format for the Payment and Settlement Systems Innovation Contest.
Registration fee per proposal is Rs. 2360/- (inclusive of GST of 18%) for an individual and Rs. 5900/- (inclusive of GST of 18%) for all others. An individual, a group, start-up, etc., can submit more than one proposal, but not more than three. The last date for submission of proposals is October 21, 2019.
The proposal should not be in use anywhere else in the world. IDRBT and / or RBI reserve the right to retain and / or use the idea / approach, for the benefit of the country at large.
The Contest (STAGE 2): The selected participants would be called upon to demonstrate their proposed solution in the Payment and Settlement Systems Innovation Contest. The exact dates of the contest would be announced by the early November 2019. The entries will be judged by an eminent jury.
Awards for Best Innovations: Attractive cash prizes and citations will be awarded to the best-judged innovations.
Contact: In case of queries, mail to email@example.com or call 040-23294319.
Detailed Notification is available at ‘News’ link at https://www.idrbt.ac.in/