In the Visa Challenge, a team from Bank of America won the 1st Place Prize for an app (InstaPay) that aims to digitize in-person cash checking transactions with check scanning and instant issuance of a Visa card to digital wallets. The team used Visa Identity Documents and Visa Checkout APIs. They won $20,000 in Visa Prepaid Cards which they plan to donate to a charity of their choice. PNC Bank won the Visa Challenge 2nd Place Prize with an app (Visa Cares) which enables unbanked or underbanked individuals to get community loans and build credit history. The team used Visa Direct and Visa Identity Documents APIs.each team member received a 3D printer and the team won $1500 in prepaid Visa card and was awarded $5,000 from Money 20/20 since they placed in Top 10 overall.
A team from Chase Bank won the 3rd Place Prize in the Visa Challenge with a smart app (Money Clips) that helps households and families manage their finances and savings by allowing users to create short or long-term life financial goals. The app enables users to set spending limits for specific categories and uses Visa Transaction Controls API to restrict spending. Each participant received an Oculus Rift and the team was awarded $15,000 from Money 20/20 because it placed in the top five overall.
Other winners in the Money 2020 contest include Moolah, which educates youth on basic financial literacy; Kid Bank, a financial education app for school kids and Authority, which uses instant identity verification to provide access to credit and voting via blockchain.
Armando Vinerez, Miami and Venezuela with Marcos Cerizola Uruguay were working on an app to make the family a financial team that could unite around goals like saving to go to Disney. Another team member, Steve Thijisen of Amsterdam, said that programs often aimed at kids or parents but the team planned to involve them all to work together to learn about finances. Sherry Shih of Taiwan, another team member, said low income people often use cash which makes it hard to get a credit score. The app will let people scan receipts and use Yodlee and Synchrony for building a credit score.
Catherine Rhee and James Hoard developed an app to help people build a credit score with such routine expenses as rent and utility bills. A lot of people don’t know how to improve credit scores, but by keeping track of such routine expenses they can boost credit scores 10 to 80 points, they said.