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Challenge CTTSO Challenge: Balancing Benefits and Risks in New Payment Systems
CTTSO Challenge: Balancing Benefits and Risks in New Payment Systems
STATUS: Awarded
Active Solvers: 224
Posted: Feb 12 2015
Challenge ID: 9933550
 
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Abstract

The Seeker is soliciting innovative ideas and insights on future new payment systems (loosely defined as virtual currencies, prepaid cards, mobile money transfers, and hybrids thereof) and how to foster financial innovation while still allowing for oversight and detection of illegal activity. 

This is an Ideation Challenge with a guaranteed award for at least one submitted solution.

Overview

New payment systems (NPS) such as Bitcoin, M-PESA, and Kipoche hold the promise of making commerce accessible to millions of people worldwide who have no access to traditional banking systems, and yet they also pose new risks to consumers and new opportunities for nefarious actors to exploit this relatively ungoverned space.  The Seeker is soliciting innovative ideas and insights on future new payment systems and how to foster financial innovation while still allowing for oversight and detection of illegal activity to aid in anti-money laundering and anti-terror financing efforts. 

About the Seeker

The Combating Terrorism Technical Support Office (CTTSO) provides a forum for interagency and international users to discuss mission requirements to combat terrorism, prioritize those requirements, fund and manage solutions, and deliver capabilities.  The CTTSO accomplishes these objectives through rapid prototyping of novel solutions developed and field-tested before the traditional acquisition systems are fully engaged.  This low-risk approach encourages interdepartmental and interagency collaboration, thereby reducing duplication, eliminating capability gaps, and stretching development dollars. 

This is an Ideation Challenge, which has the following unique features:

  • There is a guaranteed award.  The awards will be paid to the best submission(s) as solely determined by the Seeker. The total payout will be $15,000, with at least one award being no smaller than $5,000 and no award being smaller than $1,000. 
  • Submission forwarding occurs during the Challenge.  Since submissions will be forwarded to the Seeker throughout the Challenge, please make sure you upload only a finished proposal. You can submit an updated version of your proposal only as a new submission. If you submit an updated version of your proposal, please clearly indicate the new items and/or edits compared to your previous submission. This will allow the Seeker to quickly find the new information and determine how it improves your submission. 
  • The Solvers are not required to transfer exclusive intellectual property rights to the Seeker.  Rather, by submitting a proposal, the Solvers grants to the Seeker a royalty-free, perpetual, and non-exclusive license to use any information included in this proposal.

Submissions to this Challenge must be received by 11:59 PM (US Eastern Time) on 16-MAR-2015.  Late submissions will not be considered.

After the Challenge deadline, the Seeker will complete the review process and make a decision with regards to the Winning Solution(s). All Solvers that submitted a proposal will be notified on the status of their submissions; however, no detailed evaluation of individual submissions will be provided.

What is InnoCentive?
InnoCentive is the global innovation marketplace where creative minds solve some of the world's most important problems for cash awards up to $1 million. Commercial, governmental and humanitarian organizations engage with InnoCentive to solve problems that can impact humankind in areas ranging from the environment to medical advancements.

What is an InnoCentive Ideation™ Challenge?

An InnoCentive Ideation™ Challenge is a broad question formulated to obtain access to new ideas, similar to a global brainstorm for producing a breakthrough idea or market survey which may include ideas for a new product line, a new commercial application for a current product, or even a viral marketing idea to recruit new customers. Ideation™ Challenge submissions are typically about two written pages, and Seekers receive a non-exclusive, perpetual license to use all submissions.

In an Ideation™ Challenge, Solvers may:

  • Submit ideas of their own
  • Submit third party information that they have the right to use and further the authority to convey that right and the right to use and develop derivative works to Seekers
  • Submit information considered in the public domain without any limitations on use

Solvers should not reveal any confidential information in their submissions. Often the Ideation™ Challenge will be followed by one or more of the other three Challenge types to further develop the ideas and gain Intellectual Property protection when the concept has been well-defined.

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