Money20/20 2015 hackathon

Money20/20 2015 hackathon

We just came back from the Money20/20 hackathon in Vegas. For those who don’t know it, this event brings the entire fintech developer community under one roof for 24 hours, in order to put together new disruptive payment applications. Just as last year, we had plenty of opportunities to showcase Kill Bill, thanks to the open nature of the platform. But instead of trying to extend Kill Bill, this time, we decided to do something a little different. Ever since we started Kill Bill, Stéphane and I have been talking about what a great a fit it would be for small Yoga Studios. Surprisingly enough, most of them still manage attendance on pieces of paper (you typically have to sign a sheet before practice) and recurring billing is often done by hand (i.e. once a month, you need to come with your credit card). There are a few leaders in the industry trying to solve that problem (and similar ones for gyms, spas, etc.), but the solutions offered are expensive, too complicated (some features are available on the mobile app, others on the website) and the UX is overwhelmed by extra features, most often unneeded (scheduling, reporting, marketing, etc.). For this year’s hackathon, we developped a solution for this market: The Pink Mat. The Pink Mat is a mobile Point of Sale system, running on any iOS and Android system (we expect studios to typically install it on an iPad). New customers can come in and self-register by scanning their credit card. They can then select either one-off passes (such as a 10 Class Card) or a recurring subscription...
Kill Bill, one of the ten winners of the Money20/20 Hackathon

Kill Bill, one of the ten winners of the Money20/20 Hackathon

We just came back from Vegas and we’re pleased to announce that we were one of the ten winners of the Money20/20 Hackathon! As you may recall, we were quite excited about all the proposed challenges, since the Kill Bill platform was a great fit for pretty much all of them. We finally decided to go with Feedzai, and work on fraud detection. Antonio, who flew from Lisbon for the event, was very helpful in explaining how Feedzai’s machine learning algorithms work behind the scenes, and how they leverage data from the entire ecosystem, from banks to merchants, to fight the bad guys. For our hackathon project, we decided to tell the story about Pedro, a Yerba Maté enthusiast, who runs a subscription-based online forum on the topic. He is quickly facing fraud though, as people are using his sign-up flow to test stolen credit cards. Fraudsters, who have databases of credit cards and want to sell them to other fraud rings, need to determine which ones are still valid: these sell at a much higher price on the black market. One way to do it is to sign-up to online services, which authorize then void the credit card before storing it for recurring payments. This is quite costly for him, because he has to pay for each authorization as well as potential chargebacks down the line (because fraudsters don’t bother canceling the subscription when it goes through). In our demo, we show how we can leverage both Feedzai and cash-based payment methods on top of the Kill Bill platform, to prevent fraud, while mitigating the risk of blocking legitimate...