The SWIFT Institute has launched a student challenge, calling on Australian-based students to produce new ways and means of protecting personal data in an Open Banking environment.

The Swift Institute’s 2018 competition will address the issue of data privacy in an Open API environment, specifically, how to keep consumers’ personal information secure. The challenge is available for any recognised university or educational establishment in Australia.

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Students taking part will be required to identify solutions that will help protect personal data and submit a written report of no more than 1,000 words.

Peter Ware, director of the SWIFT Institute commented: “The issue of how to keep personal information safe in an open environment is increasingly a question that banks are trying to tackle as open banking becomes more prevalent.

“This competition will challenge students to provide innovative solutions to this global industry issue. We look forward to seeing the practical concepts that are offered.”

Dr Leila Fourie, CEO of Australian Payments Network, added: “The use of open APIs in payments must be accompanied by a robust governance framework as well as appropriately strong authentication to ensure that only approved parties have access to data.

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“As an industry, it is crucially important that we maintain the right balance between security, privacy and commercial incentives to ensure that customers continue to benefit from the burgeoning data economy. We encourage entrants in the Challenge to think about enabling the benefits of open data while at the same time helping consumers maintain privacy.”

With the Australian government’s plans to encourage competition and promote a growing fintech environment by introducing secure data-sharing, major lenders will have to provide more detailed information about their customers to credit agencies.

The top eight applicants will be announced in July 2018 and final presentations will take place at Sibos, in Sydney on the 24th of October, 2018.