Mumbai (Maharashtra) [India], January 7 : The Reserve Bank of India (RBI) has announced the results of the third edition of its Global Hackathon - HaRBInger 2024.
Five winners have been announced for solving a set of problem statements.
FPL Technologies Pvt Ltd was judged the winner for coming out with a solution for real time prediction, detection and prevention of fraud in financial transactions using alternate sources of data including publicly available information.
It came up with a solution called 'OneRadar'. It is an app which uses a visual colour-coded screen for alerting customers and capturing their feedback, a decision strategy model to process these signals and an expert platform to review feedback by humans and further enhance the model. The solution aims to achieve a high level of fraud prevention while reducing false positives and minimising latency.
Xaults Technologies Pvt Ltd was judged the winner for coming up with a solution ensuring transaction anonymity in token-based (CBDC) transactions while maintaining financial system integrity.
Epifi Technologies Pvt. Ltd and NapID Cybersec Pvt. Ltd jointly won the award for bringing in solutions to identifying mule bank accounts/payment wallets.
H Vision India Pvt. Ltd. (Hasin Vaidya) and Rupya Darshini (Parthiban R., Jebaraj V. and Gobika S.) jointly won the award for providing solutions so that visually impaired people can accurately identify banknotes.
Finally, VisAst (Krimisha Deore) won the award for Best 'all women team' (a team comprising of only women members), across all four problem statements.
Their solution was a lightweight, wearable standalone device that can be attached to the body and is designed to detect currency notes and provide voice-based declarations. This AI/ML model-based device can also be trained to perform object detection tasks.
"These (across problem statements) innovative solutions are expected to enhance the capability of the system to fight frauds, maintain security and integrity of the financial system by leveraging the use of advanced technologies," said RBI in a statement Tuesday.
RBI said these products have the potential for wider adoption in the existing financial system, but are subject to compliance.
Winners across each problem statement would receive Rs 40 lakh.
A special prize of Rs 20 lakh would be awarded to the best 'all-women team' (a team comprising only women members), across all four problem statements.
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