RBI's HaRBInger 2024 Hackathon Crowns Innovators in FinTech

The RBI announced five winners of its Global Hackathon, HaRBInger 2024. Solutions ranged from real-time fraud detection to ensuring transaction anonymity in CBDC operations. They aim to enhance financial security and system integrity using cutting-edge technologies, with significant cash prizes awarded for these innovations.

The Reserve Bank of India (RBI) has revealed the results of its third Global Hackathon, HaRBInger 2024, spotlighting five winning teams who addressed various problem statements with innovative solutions.

A standout winner, FPL Technologies Pvt Ltd, developed 'OneRadar,' a pioneering app designed for real-time fraud prediction, detection, and prevention in financial transactions. Utilizing publicly available data and alternate sources, OneRadar employs a visual, color-coded alert system to engage customers, gather feedback, and optimize its decision-making model. This tool significantly minimizes fraud risk while reducing false positives and operational latency.

Meanwhile, Xaults Technologies Pvt Ltd was acclaimed for their approach to maintaining transaction anonymity within token-based Central Bank Digital Currency (CBDC) transactions, ensuring the integrity of the financial system. Epifi Technologies Pvt. Ltd and NapID Cybersec Pvt. Ltd were jointly honored for their strategies to detect mule bank accounts and payment wallets.

H Vision India Pvt. Ltd. (Hasin Vaidya) and Rupya Darshini (Parthiban R., Jebaraj V., and Gobika S.) developed crucial advancements for the visually impaired, allowing accurate banknote identification. Additionally, VisAst (Krimisha Deore) was awarded for their exceptional 'all-women team' project: a lightweight, wearable device designed for currency note detection and equipped with AI/ML capabilities for broader object detection applications.

According to the RBI, these cutting-edge solutions are poised to bolster the financial system's defenses against fraud and enhance its overall security and integrity by leveraging state-of-the-art technologies. While these products hold promise for widespread integration, they must adhere to regulatory compliance. Each challenge winner will receive Rs 40 lakh, with a special Rs 20 lakh prize for the best 'all-women team.'

(With inputs from agencies.)