Innovation Driven Payment Services

Creating payment services with data-driven innovation

Proposed by

CIONET is the largest CIO/CTO community (with more than 6500 members) focused on innovation and information technology. The purpose of this challenge is to leave the imagination and creativity open to all participants, and to present a solution that goes beyond the other categories/challenges but is nevertheless pioneering, impactful and adds value to the financial landscape.



Payment data, in particular in very large quantities, enables analytics, innovation and new services available which were not possible before. Payment Services based on customer trends, , save costs, or become more accountable for one’s actions.  Although data enabled payment services, can be technically limited; the challenge should focus on enabling the reuse, integration and combination of data assets to build data enabled payment services, based on open, shared, and closed datasets or their combination.


Although applicants can integrate multiple datasets to generate an innovative payment service, the solution should be enabled by the existing anonymous dataset provided on the platform. Any additional data must be available at the time of submission and applicants will be asked to provide proof of open access (syn/assync).

Logo Open Bank Project

Expected outcomes

Payment innovation driven outcomes, including software, devices, payment formats, etc. Applications must include details on how these outcomes will be tested and evaluated during a potential acceleration programme. Some examples are:

  • New payment functionalities;
  • New integrated payment services with existing merchants;
  • Alternative ‘pay’ buttons appearing on checkout pages alongside the traditional card payment logos.

Expected impacts

This challenge gives an opportunity for participants to develop something transformative; that can be used over a wide spectrum of functions/industries; with the potential to change a process or develop a solution for a previously unsolvable issue. PayChallenge will consider those applications that are true “game changers”, with high impact and clearly unlocking hidden value in payment services:

  • Increased choice of payment alternatives;
  • Introduction of new payment methods;
  • Improve awareness of payment alternatives.