FAQs

What is Open Up 2020?

Open Up 2020 is a national campaign to raise awareness of Open Banking-powered solutions to people in the UK, as part of a challenge prize aiming to find innovation that enables people to access fair financial services. 

To learn more about what a challenge prize is, read more at Nesta Challenges

To find out the details of the Open Up 2020 challenge prize, please check out the About the Prize page aimed at innovators.

Which of the apps & services is best for me?

 Please look at the 15 apps & services to look at which solution is the best fit for your personal situation. Many other Open Banking-powered solutions are available. Please ensure you review the terms and conditions of any product or service before signing up to ensure it’s the right fit for you and your current situation.

Does Open Up 2020 recommend these apps & services for me?

Each of the apps & services promoted in the Open Up 2020 campaign and on this site were chosen by an independent panel of judges as finalists of the Open Up 2020 challenge prize. Out of a pool of over 100 entrants, the judges selected the 15 finalists based on the assessment & eligibility criteria. 

The judges felt these 15 finalists were the most promising concepts to support UK consumers unlock the power of open banking and revolutionise money management – whether that is helping people save, budget better, switch to the best deals, or avoid being ripped off. 

Open Up 2020 promote the 15 solutions as finalists of Open Up 2020 as leading Open Banking-powered solutions in the UK right now, but we do not endorse any individual solution for any individual as we cannot know your personal situation. Please ensure you review any solution and read the terms and conditions before signing up to ensure it works for you, your individual needs and your circumstances.

Why is Open Up 2020 promoting these apps & services?

As part of Open Up 2020, all of the finalists in the challenge prize are featured in a national digital marketing campaign. This is aimed at boosting awareness of these apps & solutions and the power of Open Banking in the UK.

Do any of the apps & services offer investments?

Yes, some of the apps & services offer investments. Please be sure to review all the details of these products before making any investments and ensure you understand how much of your capital is at risk for specific financial products.

Do any of the apps & services offer credit or loans?

Yes, some of the apps & services offer credit or loans. Please be sure to review all the details of these products before entering into any agreements for credit or loans ensuring you can afford repayments and you understand how it could affect your credit score.

How do each of the apps & services make money?

Please refer to the individual service sites for details about how they make money. Many offer a premium service that you can pay for to receive other benefits, others may make money by introducing you to new services and solutions, for example helping you to switch to a different energy provider. Some offer their solutions to other businesses, such as banks as well as offering it direct to individuals.

Open Up 2020 campaign is funded by Open Banking Limited and run by Nesta Challenges, a non-profit organisation. None of the apps & services featured in the campaign are paying to be included in the challenge prize or the campaign itself.

Who chose the finalists in the Open Up 2020 challenge prize?

The finalists of Open Up 2020 were selected by an independent panel of judges from a pool of over 100 entrants. They selected these finalists based on assessment & eligibility criteria. You can read this on the About the Prize page aimed at innovators.

What is a challenge prize? 

A challenge prize is an innovation method to identify breakthrough innovation. A challenge prize offers a series of incentives with a final prize to whoever can first or most effectively meet a defined challenge. It’s different from a recognition prize, for example like the Nobel prize, which rewards past achievement.  Read more on Nesta Challenges.

What is Open Banking?

Open Banking technology allows consumers and small businesses to connect their bank accounts with authorised third parties in a safe and secure way. Open Banking currently covers personal and business current accounts, credit cards and online e-money accounts. 

 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 with funding from the nine largest banks in the UK (the CMA9).

Who are Open Banking Limited?

Open Banking Limited was created in 2016 by the UK’s Competition and Markets Authority (CMA) 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.