Payment and Settlement Systems Innovation Contest
In order to encourage innovations in the area of Payment and Settlement Systems, the Reserve Bank of India has announced the “Payment and Settlement Systems Innovation Contest”.
The contest will be conducted by the Institute for Development and Research in Banking Technology (IDRBT). The IDRBT is a premier institution established by the Reserve Bank of India. The Institute works at the intersection of Banking and Technology, focusing on research and development, which is useful for the Indian Banking and Financial Sector.
Areas of Innovation & Eligibility
Individuals, entrepreneurs, groups, companies, start-ups and similar entities in the payments space are invited to participate in the “Payment and Settlement Systems Innovation 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.
The area of innovation should reflect its relevance to Payment and Settlement Systems. An indicative list of areas is as under:
- Offline payments
- Payment options for feature phone users
- Cross border remittances
- Innovative confirmation modes for payment transactions
- Automated online dispute redressal system
- Simple and easy Know Your Customer (KYC)
- Next-gen payment modes
- Automated payment processing
- Safety and security in payment systems
- Payment systems data analytics
- Instrument less payment systems
- Innovative settlement modes
Stage 1: Submission of Proposals
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 NOVEMBER 08, 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.
Stage 2: The Contest
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 the Best Innovations
Attractive cash prizes and citations will be awarded to the best-judged innovations.
Submission Instructions
- No more than three innovations may be submitted by the same team.
- For each registration, only one submission is allowed.
- Submissions not adhering to the prescribed format (given below) risk rejection without a review.
- Please keep the following information ready before proceeding to register: Submission title, team name and contact details of the corresponding team member, primary area of innovation.
- Upon successful registration, a registration ID (URN) will be generated that MUST be used for submission as well as all the future correspondence.
- Each submission should be a single PDF file containing the SUMMARY PAGE, followed by the DETAILED SUBMISSION.
- Each submission should follow the order of the information / sections given in the prescribed format.
- The maximum submission file size is limited to 3 MB.
- You are solely responsible for the correctness of the information provided. The organizers are not responsible for errors made by you (if any).
Submission Process
- Participants need to first register themselves. (Register here)
- There are two categories of registration: Individual and Others. Participants may select either Individual category (for individual registration) or Other (for team registration). Note that Students category is NOT applicable for Payment and Settlement Systems Innovation Contest.
- After successful registration, a pdf of the receipt will be generated which should be saved. This pdf should be sent along with the submission pdf at the time of submission.
- Submit your innovations by sending email to psic@idrbt.ac.in along with the submission pdf and the receipt pdf. The subject for correspondence should start with “<registration ID (URN)> <Category>”.
Submission Format
Summary Page (Must not exceed one page)
The first page of the submission must contain the following information in the specified order only:
| Submission Title | Max 80 Characters |
| Team Name | Max 80 Characters |
| Team Members & Affiliations | |
|---|---|
| Member-1 Name | |
| Member-1 Affiliation | |
| Member-1 Affiliation | Optional |
| Member-2 Affiliation | Optional |
| Member-3 Name | Optional |
| Member-3 Affiliation | Optional |
| Primary Contact Details | |
| Phone | |
| Primary Area (one of the 12 areas from advertisements) | |
| Registration ID (URN) (from registration and payments portal) | |
| Executive Summary | No more than 150 words |
Detailed Sumbission – Must not exceed 10 pages (including images and tables)
| Problem being addressed | No more than 150 words |
| Background information | No more than 600 words |
| Solution description | No more than 1200 words |
| No more than 1200 words | No more than 250 words |
| Expected impact towards solving the problem | No more than 100 words |
Link to demo video / executable with clear usage instructions (wherever available)
Contact
In case of queries, please write to psic@idrbt.ac.in or call 040-23294319.