FAQs

What is Open Up 2020?

Open Up 2020 is a challenge prize aiming to accelerate open banking-powered solutions to enable UK consumers to access fair financial services. To read more about how the prize works, please check out the About the Prize page aimed at innovators. 

What is Open Banking?

Open Banking is the secure way to give providers access to your financial information. To find out more, and answer specific Open Banking related questions, please read the Open Banking FAQs.

Who is behind Open Up 2020?

Open Up 2020 is run by Nesta Challenges and backed by Open Banking Limited.

Who are Open Banking Limited?

Open Banking Limited was created in 2016 by the UK’s Competition and Markets Authority to create software standards and industry guidelines that drive competition and innovation in UK retail banking.

They are governed by the CMA and funded by the UK’s nine largest banks and building societies: Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander.

Who are Nesta Challenges? 

Nesta Challenges exists to design and run challenge prizes that help solve pressing problems that lack solutions. We shine a spotlight where it matters and incentivise people to solve these issues. Nesta Challenges are part of Nesta, a not-for-profit innovation foundation that aims to bring bold ideas to life to change the world for good. Open Up 2020 is run by Nesta Enterprises Ltd. Nesta Enterprises Ltd is a company registered in England and Wales with company number 8580327. Our main address is 58 Victoria Embankment, London, EC4Y 0DS.

If you have any other questions, please ask us via Facebook or Instagram Messenger, or drop us an email at openupchallenge@nesta.org.uk.