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Open Bank Project CastleCamp 2012
1.
2. About TESOBE
We’re an agile, funky
team of highly skilled
and experienced
software engineers.
We bring quality,
creativity, best-of-
breed technologies
and openness to
every project.
3. Four main drivers:
1) Malpractice, Distrust, Corruption and Fraud
2) Need disclosure / privacy options including Open Data
3) Missing Web 2.0 tech integration
4) Simple API protocols missing / lacking
4. Inspiration
About 5 Years ago I was
Thinking about
Corruption.....
..and a new type of bank..
Image source: John C. McCall and Christey Carwile,
Other Africas, http://mccoy.lib.siu.edu/jmccall/otherafricas/
5. Then - Summer 2008 - Working in a
theatre in Athens..
I said: “Lots
of EU funded
projects here.”
Lots of
Set designer said: “
corruption here!”
2 years later,
Greece is in big
trouble.....
6. 1
Corruption and Fraud:
Over €30 Billion lost each year in Europe.
78% of European citizens think corruption is
a problem in their own country.
Corruption - most talked-about global
problem, according to a new BBC poll of
more than 13,000 people across 26
countries.
'Corruption distorts markets and competition, breeds cynicism... undermines
the rule of law... damages government legitimacy, and corrodes the integrity
of the private sector' - Ben W. Heineman Jr. and Fritz Heimann, The Long War against Corruption
7. Accounting / Banking Scandals,
Corporate and financial malpractice
Some examples of failed banks: Bear Stearns,
Merrill Lynch, Lehman Brothers, Northern Rock,
Anglo Irish Bank, Glitnir...
http://en.wikipedia.org/wiki/Accounting_scandals
2007–2010 Financial Crisis is the worse since the 1930's great depression...
9. Aid Money. Aiding who?
The World Bank StAR initiative was setup to
recover stolen assets.
10. “Corrupt acts are almost always hidden. If you are behaving
honestly in the public or private sector, you will rarely have
a need to hide your actions.“ - Corruption, Inequality, and the Rule of Law, Eric M. Uslaner
Corruption
Inequality +
Distrust +
Information Deficit
11. Public “Financial Debug Tools”
Fraudulent and Corrupt behaviour would be easier to spot / less likely
to happen if the public had access to “Financial Debug Tools”
12. “Corrupt acts are almost always hidden. If you are behaving
honestly in the public or private sector, you will rarely have
a need to hide your actions.“ - Corruption, Inequality, and the Rule of Law, Eric M. Uslaner
Transparency
Empowerment
13. 2
Financial Privacy / Disclosure
shouldn't have to be strictly
ON or OFF
14. Current status:
A Traditional Savings Account. No one else can (should) login.
Traditional Savings Account
Level of Detail
financial account sub some full transaction
“comfort” balance category transaction details
indicator totals details
hidden
Frequency
yearly quarterly monthly weekly daily real-time
Disclosure
no sharing share share with share with share with
(full privacy) with tax company friends everyone
office (public)
15. But what if you want to share with your accountant / tax office?
Current Account shared with accountant
Level of Detail
financial account sub some full transaction
“comfort” balance category transaction details
indicator totals details
hidden
Frequency
yearly quarterly monthly weekly daily real-time
Disclosure
no sharing share with share with share with share with
(full privacy) accountant / company friends everyone
tax office (public)
16. What if a Company wants to easily share its financial transactions with its
board / share holders / team?
Company
Level of Detail
financial account sub some full transaction
“comfort” balance category transaction details
indicator totals details
hidden
Frequency
yearly quarterly monthly weekly daily real-time
Disclosure
no sharing share share with share with share with
(full privacy) with tax company friends everyone
office (public)
17. An NGO or Charity could practice public transparency by revealing
transactions to the web in real time.
NGO / Charity
Level of Detail
financial account sub some full transaction
“comfort” balance category transaction details
indicator totals details
hidden
Frequency
yearly quarterly monthly weekly daily real-time
Disclosure
no sharing share share with share with share with
(full privacy) with tax company friends everyone
office (public)
18. 3
“Banks are not very
Web 2.0”
(In the sense of: They don't allow easy
integration with 3rd party tools and services.
Most people use software provided by their
bank to connect to their bank.)
19. But services such as Twitter and
Flickr prove the benefits of
rd
enabling 3 party software to
access services.
An “API” allows original, high
quality applications to flourish.
24. 4
Existing Protocols:
• HBCI/FinTS in German speaking countries (and OFX in the U.S.A.)
BUT..
• Non standard server side implementations make client implementation difficult.
• Development and bug fixing is slow
• No 3rd party authorisation.
• Full login credentials required, so the user grants more access rights to the 3 rd
party web application than needed. Ths violates banks' Terms of Service
• Not RESTful / Not worldwide / Not Open Source
The Open Bank Project will leverage existing protocols where they exist and provide connectors for them.
25.
26. Local Authority Developer Shareholder General Public
End-users
Third-Party
Mobile and web applications
Organisation Public API
Te
OBP System
Connectors
Internal IT System
27.
28. Possible applications of the API:
●
Sliding scale of Transparency / Disclosure
●
Social media engagement (adding comments / meta data)
●
PFM – Mobile and Web Apps
●
VRM – Client's data updates.
●
Trusted identity provision (Open ID)
●
Digital safe / deposit box
●
Fraud detection
●
Pleasant surprises...
29. The Open Bank Project Aims to:
●
Open transaction data to larger groups of people and software
applications
●
Raise the bar of financial transparency
●
Enable more enjoyable and productive ways to access
transaction data
How?
• Apply Web 2.0, Secure Internet Standards, RFC
●
Use and produce Open Source technology
●
Crowd Source: ideas, feedback, bugs + trust networks
