London's Level 39 startup accelerator is to partner with French 3D design software creator Dassault Systèmes, which will sponsor the Canary Wharf-based accelerator's 3D FinTech Challenge.
The challenge, which combines the 3D design knowhow of Dassault Systèmes with the financial technology startups incubated at Level 39, is to focus on the visualisation of client data within the financial services sector and will launch in the third quarter.
What this means in plain English is, because financial institutions have a wide range of systems and applications for different aspects of their client data - such as capital exposure, risk and identity - it can be difficult to see a clear overview of the client's position.
The 3D FinTech Challenge sets out to let startups pitch ideas for condensing and simplifying this data into graphics and charts which can be understood by any employee of the business, giving a better understanding of a client's financial position.
Head of Level 39, Eric van der Kleij, said: "We are delighted that international companies of the calibre of Dassault Systèmes recognise that London and Level 39 is the place to develop their growth strategies. The 3D perspective and innovation that their acceleration programme will foster brings a powerful and fresh approach to financial services and big data."
The 3D FinTech Challenge is open to entrepreneurs and startups who believe they can develop innovative solutions to enable 'single views' of client data from all perspectives. The products and services these startups produce will help businesses gain a better insight into making identity, risk and exposure decisions.
A spokesperson for the challenge said it will be attractive to a broad spectrum of entrepreneurs, developers and innovators. "Bringing these teams into a shared space for a sustained period of time as part of the 3D FinTech Challenge 2013 will encourage the cross-pollination of ideas and innovation," the spokesperson told IBTimes UK, adding it will "ultimately lead to exciting new products for the financial services industry."
Dassault Systèmes CEO Bernard Charles said his company is proud to partner with Level 39 and "bring our innovation culture to the heart of one of the world's most dynamic financial services centres...we are looking forward to bringing this business expertise, passion and perspective to the acceleration programme."
Opening in March 2013, Level 39 is an accelerator hub for technology startups working in the financial, retail and future city technology sectors. Headed by former Tech City CEO Eric van der Kleij, the office space takes up the entire 39th floor of the iconic One Canada Square building in Canary Wharf, east London and considers itself a close partner of the government's Tech City Investment Organisation initiative.