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Problem:
1) Widespread Financial Malpractice, Distrust, Corruption and Fraud
2) Banks not very “Web 2.0”

Open Bank Project:
1) A sliding scale of financial disclosure / privacy
2) An Open Source powered RESTful API
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/
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.....
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
“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 +
Weak Law +
Information Deficit
Aid Money. Aiding who?




The World Bank StAR initiative was setup to
recover stolen assets.
Charitable Status?
Just a few examples of recent scandals involving charities:
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...
2


    Banks not very Web
      2.0 – Don't allow
    easy integration with
       rd
     3 party tools and
          services.
Most people use software
provided by their bank to
connect to their bank..
But services such as Twitter and
Flickr prove the benefits of
           rd
enabling 3 party software to
access services: The local
monopoly is disrupted.

An “API” allows original, high
quality applications to flourish.
• Raising the bar of financial transparency
1.




     Financial Privacy / Disclosure
      shouldn't have to be strictly
              ON or OFF
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)
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)
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)
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)
Banks and their
customers benefit
from an API
An Open Source RESTful API
gateway would greatly increase the
choice of tools, software and
services available to a bank's
customers in a trustworthy, secure
manner...
This is good for the bank – and its customers!
Greater application diversity, originality, choice,
support options etc.
e.g. this moneybunny app tags bank statements using
emails from vendors for easier accounting. (currently using HBCI)
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.
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”
Empowerment

Transparency




         Good for Democracy!
A Charity
 ●
     Can better engage key stake holders in their financial affairs.
 ●
     Receive comments, better deal suggestions and fraud alerts from the public.
 ●
     Can demonstrate accountability, transparency and value for money.
 ●
     Can better integrate with financial systems and networks.




• “The Public donates, The Public sees.”
Publicly Funded Projects
●
    Citizens pay, Citizens see..
           - where their money goes in real time.
●
    Foster greater trust and engagement in Governments
●
    Crowd source alerts of fraudulent behavior




     •“High Trust – High Distrust”
     Lewicki, McAllistair, Bies 1998, Trust and distrust: new relationships and realities.
An Open Bank – all accounts open to the Public
- Attractive to those engaged in transparency
- New business models and communities emerge
- Transactions of the bank itself are transparent
- Community can make “better deal” suggestions
- Open Source software is used and created, further
promoting a healthy financial technical ecosystem.
The Open Bank Project Aims to:
●
  Open transaction data to larger groups of people and software
applications
●
  Raise the bar of financial transparency (“many eyes”)
●
  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
(Examples: Wikipedia, Flickr, Facebook, Apache, Postgres, Firefox....)
Team
Simon Redfern (Founder), TESOBE

Ismail Chaib, TESOBE

Jan Bölsche. Independent Software Architect, Berlin

Bruno Girin. Independent Internet Banking Solutions Architect, London

Raul Soriano, PROS, Spain

Florent André. Software Engineer (member of Apache foundation)
Emmanuel Lecharny, Software Engineer (member of Apache foundation)


Some Partners                                                       Banca Civica, Spain

                                                                    Sigma Orionis
TESOBE, Berlin, Germany
                                                                    CNRS, France
CONTEXTIS , London, UK
                                                                    ATB, Bremen, Germany
Fidor Bank AG, Munich, Germany
                                                                    Talking to other banks
PROS, Spain (Raul Soriano)
                                                                    and more...
Atos Origin, Spain
Sig
            Petition n Ou
                         rP
                              eti
                                  tio
                                     n!




http://chn.ge/o6ieIh
Contact
Simon Redfern

Email:
simon [AT] tesobe [DOT] com




http://www.openbankproject.com
@OpenBankProject

Coming soon: https://github.com/TESOBE/OpenBankProject
Challenge
  How to get OBP widely adopted?

Objectives
  Define 10 entities that would benefit from the OBP
  Get 10 entities to adopt the OBP in a year
  Engage 10 banks.

Constraints
  A one year program
  At least 1 charity,
  Contributing to the Open Gov Data movement

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Open Bank Project

  • 1. Problem: 1) Widespread Financial Malpractice, Distrust, Corruption and Fraud 2) Banks not very “Web 2.0” Open Bank Project: 1) A sliding scale of financial disclosure / privacy 2) An Open Source powered RESTful API
  • 2. 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/
  • 3. 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.....
  • 4. 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
  • 5. “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 + Weak Law + Information Deficit
  • 6. Aid Money. Aiding who? The World Bank StAR initiative was setup to recover stolen assets.
  • 7. Charitable Status? Just a few examples of recent scandals involving charities:
  • 8. 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. 2 Banks not very Web 2.0 – Don't allow easy integration with rd 3 party tools and services.
  • 10. Most people use software provided by their bank to connect to their bank..
  • 11. But services such as Twitter and Flickr prove the benefits of rd enabling 3 party software to access services: The local monopoly is disrupted. An “API” allows original, high quality applications to flourish.
  • 12. • Raising the bar of financial transparency
  • 13. 1. 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. 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)
  • 17. 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)
  • 18. Banks and their customers benefit from an API An Open Source RESTful API gateway would greatly increase the choice of tools, software and services available to a bank's customers in a trustworthy, secure manner... This is good for the bank – and its customers!
  • 19. Greater application diversity, originality, choice, support options etc.
  • 20. e.g. this moneybunny app tags bank statements using emails from vendors for easier accounting. (currently using HBCI)
  • 21. 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.
  • 22. 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”
  • 23. Empowerment Transparency Good for Democracy!
  • 24. A Charity ● Can better engage key stake holders in their financial affairs. ● Receive comments, better deal suggestions and fraud alerts from the public. ● Can demonstrate accountability, transparency and value for money. ● Can better integrate with financial systems and networks. • “The Public donates, The Public sees.”
  • 25. Publicly Funded Projects ● Citizens pay, Citizens see.. - where their money goes in real time. ● Foster greater trust and engagement in Governments ● Crowd source alerts of fraudulent behavior •“High Trust – High Distrust” Lewicki, McAllistair, Bies 1998, Trust and distrust: new relationships and realities.
  • 26. An Open Bank – all accounts open to the Public - Attractive to those engaged in transparency - New business models and communities emerge - Transactions of the bank itself are transparent - Community can make “better deal” suggestions - Open Source software is used and created, further promoting a healthy financial technical ecosystem.
  • 27. The Open Bank Project Aims to: ● Open transaction data to larger groups of people and software applications ● Raise the bar of financial transparency (“many eyes”) ● 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 (Examples: Wikipedia, Flickr, Facebook, Apache, Postgres, Firefox....)
  • 28. Team Simon Redfern (Founder), TESOBE Ismail Chaib, TESOBE Jan Bölsche. Independent Software Architect, Berlin Bruno Girin. Independent Internet Banking Solutions Architect, London Raul Soriano, PROS, Spain Florent André. Software Engineer (member of Apache foundation) Emmanuel Lecharny, Software Engineer (member of Apache foundation) Some Partners Banca Civica, Spain Sigma Orionis TESOBE, Berlin, Germany CNRS, France CONTEXTIS , London, UK ATB, Bremen, Germany Fidor Bank AG, Munich, Germany Talking to other banks PROS, Spain (Raul Soriano) and more... Atos Origin, Spain
  • 29. Sig Petition n Ou rP eti tio n! http://chn.ge/o6ieIh
  • 30. Contact Simon Redfern Email: simon [AT] tesobe [DOT] com http://www.openbankproject.com @OpenBankProject Coming soon: https://github.com/TESOBE/OpenBankProject
  • 31. Challenge How to get OBP widely adopted? Objectives Define 10 entities that would benefit from the OBP Get 10 entities to adopt the OBP in a year Engage 10 banks. Constraints A one year program At least 1 charity, Contributing to the Open Gov Data movement