ABOUT PAY CHALLENGE'17

PayChallenge: Rethinking Payment Services is a challenge which promotes the creation of innovative solutions for payment services. These solutions should take in account the principles of the new Payment Services Directive (PSD2) which will be launched in January 2018.

Pay Challenge: Rethinking Payment Services is an initiative developed by CIONET in partnership with Portugal Fintech promoting the development of innovative payment services solutions, rooted in an Open Source Application Programming Interface (API) created by Open Bank.

Portugal Central’s Bank is the Pay Challenge’s “Host”.

CIONET is the  organizer of Pay Challenge’s challenge and final event as well as responsible for the development and proper functioning of this website and event logistics.

Portugal Fintech partners with this initiative as a co-organizer and will foster the debate about the streamlining of the financial sector based on innovation.

 

Goals

PayChallenge: Rethinking Payment Services is a challenge which promotes the creation of innovative solutions for payment services. These solutions should take in account the principles of the new Payment Services Directive (PSD2) which will be launched in January 2018.

The main goal of this initiative is to become a trigger for several innovative and feasible ideas in order to PayChallenge becomes a space for sharing knowledge and good practices between all the stakeholders inside the Portuguese financial ecosystem, a common purpose of all partners involved in this initiative.

This initiative also pretends to be a tool to raise awareness inside the Portuguese financial ecosystem  towards the business models changes  resulting from the new Payment Services Directive (PSD2) and the disruptive future that Banking is evolving to.

Targets

The challenge Pay Challenge: Rethinking Payment Services targets four participants categories:

BANKS

COMPANIES

STARTUPS

UNIVERSITIES