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