![Contact
Simon Redfern
Email:
simon [AT] tesobe [DOT] com
http://www.openbankproject.com
@OpenBankProject
Coming soon: https://github.com/TESOBE/OpenBankProject](https://image.slidesharecdn.com/openbankprojectogdwarsaw02-111024104313-phpapp02/85/Open-Bank-Project-30-320.jpg)
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