
Open Bank Project - insulanian
https://www.openbankproject.com/
======
lwlml
I really don't understand this fascination with enabling new "banking
products." There are only five (4) features in the MVP of banking:

* Protection: I want my SoV to remain mine--which means the bank should not be corrupt [ghost transactions, transaction reordering for generating unnecessary fees] and it should not be incompetent [vulnerable to social engineering, easily hacked, denial of services, etc.]

* Transactions: When I send MoE to someone else, it should get there and everyone agrees that it did, and if it didn't, some explanation why.

* Privacy: How much SoV I have and where I send/receive MoE should be between me and the bank and no one else.

* Audit-ability: Every interaction between the bank and my account(s) should be audit-able by myself. If someone is sniffing my account(s) for social engineering purposes, you had better believe that I want to know that someone tried to call 100 times asking about my accounts and the customer service rep should know it too.

Out of these, the UoA is the only matter where banks have the least control
except in their use of fractional-reserve banking in the sense of lending
money back into the economy. When banks over-cook this and put too much debt
into the economy it screws with the UoA.

SoV == store of value MoE == medium of exchange UoA == unit of account

"Banking products" that only seem to concentrate on sales of more debt aren't
something that end-users care about and in fact should be wary of. While there
is an application that "sings your bank account information" using this Open
Bank Project API is probably one of the most ridiculous ideas I have ever seen
with banking systems, at least it isn't selling you more debt.

------
insulanian
How is this project progressing? Are the banks interested and getting on
board? Are there any examples of the applications using this?

