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Open Bank Project - Simon Redfern, CastleCamp April 2012
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Open Bank Project - Simon Redfern, CastleCamp April 2012

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The Open Bank Project is a European initiative to open up financial transactions to much larger groups of individuals and raise the bar of financial transparency. It will achieve this by allowing a …

The Open Bank Project is a European initiative to open up financial transactions to much larger groups of individuals and raise the bar of financial transparency. It will achieve this by allowing a diverse range of third-party software applications (including fraud analysis tools, web apps, mobile apps, social widgets and payment gateways) to access any bank account that supports the Open Bank Project API.
- http://www.openbankproject.com/about-open-bank-project/

Published in: Economy & Finance, Business

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  • Thank you Anna for your feedback - you are right, if there would be an audio line it would be more comprehensible. I will point to the issue when I meet Simon Redfern some other time. - For now I point you to the video which you can use as the audio line to the slides:
    http://bambuser.com/v/2594556
    via
    http://castlecampcc.wordpress.com/2012/04/29/countdown-simon-redfern-open-bank-project/
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  • I like the principles but cant follow all the jargon. It would be really helpful if it was all translated into common language and people could see where exactly in the process their input can make a difference and what kind of difference.
    People need to know what exactly is asked of them in a concrete manner and how they can follow the outcome. Please add more explanations in common language and explain what is different and why. It seems a hugely important piece of work.
       Reply 
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  • 1. About TESOBEWe’re an agile, funkyteam of highly skilledand experiencedsoftware engineers.We bring quality,creativity, best-of-breed technologiesand openness toevery project.
  • 2. Four main drivers:1) Malpractice, Distrust, Corruption and Fraud2) Need disclosure / privacy options including Open Data3) Missing Web 2.0 tech integration4) Simple API protocols missing / lacking
  • 3. InspirationAbout 5 Years ago I wasThinking aboutCorruption.......and a new type of bank.. Image source: John C. McCall and Christey Carwile, Other Africas, http://mccoy.lib.siu.edu/jmccall/otherafricas/
  • 4. Then - Summer 2008 - Working in atheatre in Athens..I said: “Lots of EU fundedprojects here.” Lots ofSet designer said: “corruption here!”2 years later,Greece is in bigtrouble.....
  • 5. 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... underminesthe rule of law... damages government legitimacy, and corrodes the integrityof the private sector - Ben W. Heineman Jr. and Fritz Heimann, The Long War against Corruption
  • 6. Accounting / Banking Scandals,Corporate and financial malpracticeSome examples of failed banks: Bear Stearns,Merrill Lynch, Lehman Brothers, Northern Rock,Anglo Irish Bank, Glitnir...http://en.wikipedia.org/wiki/Accounting_scandals2007–2010 Financial Crisis is the worse since the 1930s great depression...
  • 7. Charitable Status?Just a few examples of recent scandals involving charities:
  • 8. Aid Money. Aiding who?The World Bank StAR initiative was setup torecover stolen assets.
  • 9. “Corrupt acts are almost always hidden. If you are behavinghonestly in the public or private sector, you will rarely havea need to hide your actions.“ - Corruption, Inequality, and the Rule of Law, Eric M. Uslaner CorruptionInequality + Distrust + Information Deficit
  • 10. 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”
  • 11. “Corrupt acts are almost always hidden. If you are behavinghonestly in the public or private sector, you will rarely havea need to hide your actions.“ - Corruption, Inequality, and the Rule of Law, Eric M. Uslaner Transparency Empowerment
  • 12. 2 Financial Privacy / Disclosure shouldnt have to be strictly ON or OFF
  • 13. Current status:A Traditional Savings Account. No one else can (should) login. Traditional Savings AccountLevel of Detail financial account sub some full transaction “comfort” balance category transaction details indicator totals details hiddenFrequency yearly quarterly monthly weekly daily real-timeDisclosure no sharing share share with share with share with (full privacy) with tax company friends everyone office (public)
  • 14. But what if you want to share with your accountant / tax office? Current Account shared with accountantLevel of Detail financial account sub some full transaction “comfort” balance category transaction details indicator totals details hiddenFrequency yearly quarterly monthly weekly daily real-timeDisclosure no sharing share with share with share with share with (full privacy) accountant / company friends everyone tax office (public)
  • 15. What if a Company wants to easily share its financial transactions with itsboard / share holders / team? CompanyLevel of Detail financial account sub some full transaction “comfort” balance category transaction details indicator totals details hiddenFrequency yearly quarterly monthly weekly daily real-timeDisclosure no sharing share share with share with share with (full privacy) with tax company friends everyone office (public)
  • 16. An NGO or Charity could practice public transparency by revealingtransactions to the web in real time. NGO / CharityLevel of Detail financial account sub some full transaction “comfort” balance category transaction details indicator totals details hiddenFrequency yearly quarterly monthly weekly daily real-timeDisclosure no sharing share share with share with share with (full privacy) with tax company friends everyone office (public)
  • 17. 3 “Banks are not very Web 2.0” (In the sense of: They dont allow easyintegration with 3rd party tools and services.Most people use software provided by their bank to connect to their bank.)
  • 18. But services such as Twitter andFlickr prove the benefits of rdenabling 3 party software toaccess services.An “API” allows original, highquality applications to flourish.
  • 19. APIs allow data from different sources to becombined..
  • 20. ... and data to be used in different formats and devices..
  • 21. For instance a dash board including financialdata..
  • 22. Finance management PFM with geo coding... c
  • 23. 4Existing 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 SourceThe Open Bank Project will leverage existing protocols where they exist and provide connectors for them.
  • 24. Local Authority Developer Shareholder General PublicEnd-usersThird-Party Mobile and web applicationsOrganisation Public API Te OBP System Connectors Internal IT System
  • 25. Possible applications of the API:● Sliding scale of Transparency / Disclosure● Social media engagement (adding comments / meta data)● PFM – Mobile and Web Apps● VRM – Clients data updates.● Trusted identity provision (Open ID)● Digital safe / deposit box● Fraud detection● Pleasant surprises...
  • 26. 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 accesstransaction dataHow?• Apply Web 2.0, Secure Internet Standards, RFC● Use and produce Open Source technology● Crowd Source: ideas, feedback, bugs + trust networks
  • 27. Partners / Talking to..Banks NGOs Others •
  • 28. What’s in it for You?• Better stake holder engagement• Improved brand image• Better deal suggestions• Use innovative financial services• Pioneer Financial Transparency
  • 29. Want toTake Part?
  • 30. ContactSimon Redfernsimon AT tesobe DOT com@simsysimshttp://www.openbankproject.com@OpenBankProject