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Reboot Money
Simple standards for innovating financial applications


           Pelle Braendgaard @PelleB
            http://stakeventures.com
Where is my Jet Pack?
•   Digital Cash

•   Electronic wallets

•   One click IPO

•   Mobile Payments

•   Distributed Exchange Platforms

•   Online money management
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
Why no innovation?

•   Business practices from the 1950s

•   Technology from the 1970s

•   Hapless regulators

•   Strict anti money laundering rules

•   Scared startups
Innovation has failed

•   integrating into banking system
    made things complex

•   too complex

•   no standardization

•   killed by regulators
How to innovate
•   Be brave

•   Don’t integrate with banking system

•   Keep things simple

•   Use modern web technology

•   Standardize

•   Start small
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
Simple but can be used for...
•   Web payments

•   Card payments

•   Stock trades

•   Loans/Bonds

•   Insurance

•   Virtual Currency
Basic Payment
Simple Website Payment
Simple Website Payment
Simple Website Payment
Subscription Payment
Subscription Payment
Subscription Payment
Card payments
OpenTransact.org
github.com/opentransact
NuBux.heroku.com
github.com/opentransact/nubux
timebank.sfbace.org
github.com/austintimeexchange/oscurrency
OpenWallet.org
WideLedger
Agile Banking Google Group

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