1. Reboot Money
Simple standards for innovating financial applications
Pelle Braendgaard @PelleB
http://stakeventures.com

2. Where is my Jet Pack?
• Digital Cash
• Electronic wallets
• One click IPO
• Mobile Payments
• Distributed Exchange Platforms
• Online money management

3. What we really have
• Checks for B2B payments
• Credit cards for online payments
• Western Union for foreign money
transfers
• I have to provide my online
banking passwords to Mint

4. Why no innovation?
• Business practices from the 1950s
• Technology from the 1970s
• Hapless regulators
• Strict anti money laundering rules
• Scared startups

5. Innovation has failed
• integrating into banking system
made things complex
• too complex
• no standardization
• killed by regulators

6. How to innovate
• Be brave
• Don’t integrate with banking system
• Keep things simple
• Use modern web technology
• Standardize
• Start small

7. OpenTransact
An OAuth authenticated HTTP POST request to asset url
containing a “to”, “amount” and optional “memo” field.
Thats the full standard.
Here is an an actual payment.
POST /transactions/usd HTTP/1.1
Authorization: OAuth ... oauth_token="ad180jjd733klru7", ...
Content-length: 239
amount=10.00&to=you@example.com&memo=Milk

8. Simple but can be used for...
• Web payments
• Card payments
• Stock trades
• Loans/Bonds
• Insurance
• Virtual Currency

9. Basic Payment

10. Simple Website Payment

11. Simple Website Payment

12. Simple Website Payment

13. Subscription Payment

14. Subscription Payment

15. Subscription Payment

16. Card payments

17. OpenTransact.org

18. github.com/opentransact

19. NuBux.heroku.com

20. github.com/opentransact/nubux

21. timebank.sfbace.org

22. github.com/austintimeexchange/oscurrency

23. OpenWallet.org

24. WideLedger

25. Agile Banking Google Group